John S. Bailey Library: Faculty Scholarship Celebration 2024 : School of Business and Economics

School of Business and Economics

The School of Business and Economics is represented in this year's Faculty Scholarship Celebration by seventeen (17) faculty members from seven (7) different departments.

Click on a collapsible panel below to find out more about each faculty member's publications.

Doulos, Dimitris

Department of Accounting, Economics and Finance
Short bio

► Bardakas, I., Doulos, D., & Zombanakis, G. A. (2023). Determinants of FDI inflows as seen through the doing business indicators lens: Evidence from the EU. Atlantic Economic Journal, 51(4), 243–257. https://doi.org/10.1007/s11293-023-09785-6

The Doing Business indicators published by the World Bank serve as a proxy for assessing the quality of institutions and the business environment. In recent years, Doing Business scores or rankings have been used to evaluate choices affecting foreign direct investment decisions. The study purpose is to examine the extent to which the quality of institutions and the business environment, as reflected in the Doing Business indicators, is associated with higher foreign direct investment inflows in European Union countries. The paper uses data on member country performance based on selected indicators, the Corruption Perception Index, and data on work stoppages and strikes. The latter is used to capture the importance of the labour market environment and political stability. Panel data cover the period 2005–2020 for most European Union member countries. The results suggest that the quality of business and institutional environments is an important factor in attracting foreign direct investment inflows. These results vary considerably depending on the countries chosen and have important policy implications. Specifically, governments should put emphasis not only on the general functioning of the economy, but also on the improvement of institutional quality to attract foreign direct investment.

Giannopoulou-Merika, Anna

Department of Accounting, Economics and Finance
Short bio

► Mantzari, E., Merika, A., & Sigalas, C. (2023). Determinants and effects of trade credit financing: Evidence from the maritime shipping industry. European Financial Management. https://doi.org/10.1111/eufm.12448

This paper investigates the factors and effects of trade credit, as an alternative source of capital, by employing a generalized method of moments instrumenting for endogeneity based on a panel data set of public maritime shipping companies and compatible companies in other industries. Our study shows that the magnitude of trade credit is affected by profitability, financial leverage, company size, cost of capital, financial distress, institutional ownership, corporate power, corporate liquidity, asset intensity, and corporate growth. It also suggests that trade credit affects financial performance, equity value, and risk. These empirical findings yield important implications for principal financial officers, as discussed herein.

Kyrousi, Antigoni G.

Department of Marketing
Short bio

► Kyrousi, A. G., Koronaki, E., Zotou, A. Y., & Panopoulos, A. (2023). One value does not "fit" all: Value-laden luxury advertising through the lens of consumer individuality. Journal of Marketing Theory and Practice. https://doi.org/10.1080/10696679.2023.2280564

This paper investigates how consumers’ individual differences (personal values and characteristics in the adaptations level of personality) affect responses to luxury advertising laden with two opposing values: self-esteem versus image. Drawing on literature from luxury marketing, advertising and psychology, we examine the role of different personality variables in the effect of advertised values on attitudes and perceptions. Studies 1 and 2 show that susceptibility to normative influence and status consumption moderate the effect of advertised value on attitudes. Study 3 demonstrates that “for me” perceptions mediate the effect of advertised value on attitudes. Theoretical and managerial implications are discussed.

Laopodis, Nikiforos T.

Department of Accounting, Economics and Finance
Short bio

► Bratis, T., Kouretas, G. P., Laopodis, N. T., & Vlamis, P. (2023). Sovereign credit and geopolitical risks during and after the EMU crisis. International Journal of Finance & Economics. https://doi.org/10.1002/ijfe.2852

This paper focuses on the sovereign crisis of the Euro debt crisis era, and we address the existence of the relationship of CDS and bond markets sovereign credit risk pricing for selected core and periphery EMU countries, during and after the 2009 EMU crisis. We study this relationship in conjunction to geopolitical risk as a measure of macroeconomic uncertainty. We use daily observations for several bond maturities and CDS premium with reference to the core (France and Germany) versus periphery EMU countries (Portugal, Italy, Ireland Spain, and Greece) for the period 2009 to 2014. To measure global geopolitical risk, we employ the Caldara and Iacoviello (2022) global geopolitics index (GPR). Using alternative econometric approaches, we find adequate evidence of volatility spillovers between the geopolitical risk index and sovereign risk markets mainly during the crisis period (2009–2012) and weaker during the easing of the eurozone debt crisis period (2012–2014). Moreover, based on Granger causality the estimation of the short- term dynamics reveals a significant linkage during the post-crisis period rather than during crisis. During the crisis period, we found significant dynamic responses between GPR and bond yields.

► Bratis, T., Laopodis, N. T., & Kouretas, G. P. (2023). CDS and equity markets’ volatility linkages: Lessons from the EMU crisis. Review of Quantitative Finance and Accounting, 60(3), 1259–1281. https://doi.org/10.1007/s11156-023-01126-7

We investigate the means and volatility feedback loop hypotheses in terms of the informational flow among credit distress conditions, equity market expectations and investor sentiment to identify the transmission channels among sovereign CDS, equity and volatility markets. We examine core (Germany, France) and periphery (Portugal, Italy, Ireland, Spain, Greece) EMU countries for the 2009–2014 period. Our findings support the volatility feedback loop hypothesis among markets. Specifically, the major transmitters of shocks (volatility) were both the core and periphery sovereigns, while investor sentiment was the main receiver of volatility. Further, we found that, before the EMU debt crisis (2008–2009), the information flow started from the equity towards the CDS market but turned bidirectionally, post-debt crisis (2010–2014). Finally, geopolitics as a measure of macroeconomic risk, was found to respond more to sovereign risk than to bank risk in the EMU, and to the core sovereign/bank risk than to the periphery.

► Katsikas, E., Laopodis, N. T., & Spanos, K. (2023). Dynamic stability of public debt: Evidence from the Eurozone countries. International Journal of Financial Studies, 11(4), Article 149. https://doi.org/10.3390/ijfs11040149

This paper investigates the dynamic stability of public debt and its solvency condition in the face of crisis periods (1980–2021) in a sample of 11 euro-area countries. The focus is on the feedback loop between the dynamic stability of public debt and interest rates, discounted by economic growth, in conjunction with budget deficits during tranquil and turbulent periods. Using the GMM panel dynamic model, the results show that dynamic stability was the case before the global financial crisis (GFC), while from GFC to the pandemic, dynamic instability prevailed and persisted in the evolution of public debt. Furthermore, panel threshold estimates show that dynamic instability of debt starts to violate the solvency condition when the borrowing cost is above 3.29%, becomes even stronger when it is above 4.39%, and exerts even more pressure when the level of debt is greater than 91%. However, the debt sustainability condition reverses course when economic growth is higher than 3.4%. The main policy implication drawn from the results is that low interest rates can create a self-reinforcing loop of high debt, which itself is a serious matter for public authorities when designing economic policies.

► Laopodis, N. T. (2023). When do and which Fama–French factors explain industry returns? The Journal of Portfolio Management, 49(2), 141–161. https://doi.org/10.3905/jpm.2022.1.432

The author examines the statistical significance of the five Fama–French factors and several macroeconomic variables by decade (since the 1960s) and industry. The main findings indicate that not all factors were significant in each decade and for each industry. Also, when the Fama–French factors were present in the regressions, the macroeconomic variables often lost their significance for these industries in each decade. Finally, when constructing factors out of the macro variables, it was found that they were significant for many industries, mainly from the 1970s through the 1990s and part of the 2010s. These findings have implications for portfolio managers when selecting industries based on factor models.

► Laopodis, N. T. (2024). Are industry returns informative about other industries and fundamentals? Journal of Economic Analysis, Article 87. https://doi.org/10.58567/jea04010001

This paper examines the information content of selected US industries focusing on the dynamic linkages among these industries, the stock market and a number of fundamental variables. The period of investigation spans from January 1960 to December 2021. The empirical strategy includes several methodologies such as regressions, vector autoregressions and volatility models. The idea is to investigate the dynamic linkages among these series at both the mean and the volatility levels. The results point to significant industry returns’ explanatory power for many predictors of economic activity including the stock market. Further, time-varying analysis of the linkages among the industries and the stock market’s returns reveal that certain industries such as Oil and Financials provide consistent information leadership over other industries and across decades. Further, upon assessing the industry–market return volatility spillovers, it was found that a market risk–return profile may not always be economically significant and timely for investors. Finally, crises, financial or otherwise, affect industries but to differing degrees.

► Laopodis, N., Patra, T., & Thomas, V. (2023). Dynamic correlations of bond and equity futures and macroeconomic determinants: International evidence. International Journal of Financial Markets and Derivatives, 9(1/2), 114–135. https://doi.org/10.1504/IJFMD.2023.129096

This paper examines whether the dynamic co-movements between stock-bond futures markets may be driven by domestic and international macroeconomic factors. The empirical analysis also investigates whether economic uncertainty and geopolitical risks have an impact on the dynamic conditional correlations of bond and equity futures markets. The results pointed to significance of domestic inflation and industrial production, while the 3M USD Libor and 3M Euribor surfaced as determinants of the dynamic equity-bond futures correlations. Finally, the paper examines the impact of the pandemic on the dynamic correlations with the split of the sample in pre- and post-pandemic periods and it was found that neither the uncertainty nor the geopolitical risk indices emerged as statistically significant in any country.

► Salachas, E., Kouretas, G. P., & Laopodis, N. T. (2024). The term structure of interest rates and economic activity: Evidence from the COVID‐19 pandemic. Journal of Forecasting. https://doi.org/10.1002/for.3060

This paper tests the accuracy and predictability of two term structure models using both yields-only and factor-augmented specifications focusing on the recent COVID-19 crisis. In addition, we test the predictive ability of the yield curve on economic activity for the United States and other advanced countries. We provide evidence that models with an enhanced information set, including COVID-19 factors, improve interest rate forecasts for this period. Also, we point out that term structure models can determine future variations in economic activity but are time- and country-sensitive. Finally, out-of-sample analysis reveals that the use of factor-augmented term structure models, to reflect the current economic and market conditions, improves their forecasting accuracy.

Leftheriotis, Konstantinos

Photo of Professor Konstantinos Leftheriotis

Department of Management Information Systems
Short bio

► Triantafyllidis, A., Deloglou, M., Leftheriotis, K., Sainis, G., & Vranopoulos, G. (2023). Flipped classroom methodology and case study learning compared to instructional teaching: A student experience evaluation. In L. Gómez Chova, C. González Martínez, & J. Lees (Eds.), EDULEARN23 proceedings: 15th International Conference on Education and New Learning Technologies, Palma, Spain. 3-5 July, 2023 (pp. 2158-2165). International Academy of Technology, Education and Development. https://doi.org/10.21125/edulearn.2023.0647

This study investigates the perspectives of higher education students on flipped classroom methodology and case study learning compared to instructional teaching. Additionally, it provides a literature review of works relevant to active learning methodologies.

A survey of 215 undergraduate business students from Deree College in Greece on their experiences with each teaching approach was conducted. The results showed that most students preferred flipped classroom methodology and case study learning to traditional instructional teaching. They reported that these approaches allowed for more interactive and engaging learning experiences, as well as greater opportunities for critical thinking and problem-solving. In this paper, we are focusing on exploring the ways active learning methodologies impact students' experience in learning. The findings suggest that flipped classroom methodology and case study learning may be effective alternatives to instructional teaching in higher education settings not only in terms of learning effectiveness but also in terms of students' experience.

Leivadi, Stella

Department of Tourism, Hospitality and Sports
Short bio

► Leivadi S., Tzoumaka, E. (2023). The Authentic Marathon Swim: Understanding swimmers’ experiences and behavior in a small-scale sport tourism event. In V. Katsoni (Ed.), Tourism, travel, and hospitality in a smart and sustainable world: 9th International Conference, IACuDiT, Syros, Greece, 2022 (pp. 571–585). Springer International Publishing. https://doi.org/10.1007/978-3-031-26829-8_36

The Authentic Marathon Swim is a small sport tourism event which consists of an open-water swimming event, and it is organized by the Municipality of Istiea-Edipsos at Pefki in the island of Evoia, Greece. The event includes six races (14.5-km, 10-km, 5-km, 3-km, 1.5-km, and a 500-m kids’ race). It has historical significance because it replicates a 2.500-year-old event that of Skyllias and his daughter Hydna who are considered according to Herodotus the first marathon swimmers. This event has a short but dynamic history of 3 years, all of them under the pandemic circumstances. Nevertheless, the last version of the event (2022) attracted 170 participants (55 children) from 14 different countries. The purpose of this paper to describe the participants’ experience and behavior. This was investigated through a questionnaire which included questions related to the quality of their experience with the event; the location and its amenities; spending (accommodation, food, retail) while at the event; and future intentions regarding the event and the location as well as other administrative questions (e.g., location of residence, travel companions, location and duration of stay, etc.). Overall, the findings of this study revealed that this is a successful event which contributes not only to the image of the location but it also has a significant economic impact. In addition, the results also confirm previous research, which claims that positive word-of-mouth and the behavioral intentions of active tourists are affected positively by the destination image (i.e.,Kaplanidou and Vogt, Journal of Sport & Tourism 12:183–206, 2007; Kaplanidou and Gibson, Journal of Sport & Tourism 15:163–179, 2010;Kaplanidou et al., Journal of Sport Management 26:237–248, 2012;; Zhang et al., Tourism Management 40:213–223, 2014). In conclusion, findings have practical applicability to policy makers (local government and officials) as well as to event marketers.

Patra, Theofano

Department of Accounting, Economics and Finance
Short bio

► Laopodis, N., Patra, T., & Thomas, V. (2023). Dynamic correlations of bond and equity futures and macroeconomic determinants: International evidence. International Journal of Financial Markets and Derivatives, 9(1/2), 114–135. https://doi.org/10.1504/IJFMD.2023.129096

This paper examines whether the dynamic co-movements between stock-bond futures markets may be driven by domestic and international macroeconomic factors. The empirical analysis also investigates whether economic uncertainty and geopolitical risks have an impact on the dynamic conditional correlations of bond and equity futures markets. The results pointed to significance of domestic inflation and industrial production, while the 3M USD Libor and 3M Euribor surfaced as determinants of the dynamic equity-bond futures correlations. Finally, the paper examines the impact of the pandemic on the dynamic correlations with the split of the sample in pre- and post-pandemic periods and it was found that neither the uncertainty nor the geopolitical risk indices emerged as statistically significant in any country.

Sainis, George

Department of Accounting, Economics and Finance
Short bio

► Triantafyllidis, A., Deloglou, M., Leftheriotis, K., Sainis, G., & Vranopoulos, G. (2023). Flipped classroom methodology and case study learning compared to instructional teaching: A student experience evaluation. In L. Gómez Chova, C. González Martínez, & J. Lees (Eds.), EDULEARN23 proceedings: 15th International Conference on Education and New Learning Technologies, Palma, Spain. 3-5 July, 2023 (pp. 2158-2165). International Academy of Technology, Education and Development. https://doi.org/10.21125/edulearn.2023.0647

This study investigates the perspectives of higher education students on flipped classroom methodology and case study learning compared to instructional teaching. Additionally, it provides a literature review of works relevant to active learning methodologies.

A survey of 215 undergraduate business students from Deree College in Greece on their experiences with each teaching approach was conducted. The results showed that most students preferred flipped classroom methodology and case study learning to traditional instructional teaching. They reported that these approaches allowed for more interactive and engaging learning experiences, as well as greater opportunities for critical thinking and problem-solving. In this paper, we are focusing on exploring the ways active learning methodologies impact students' experience in learning. The findings suggest that flipped classroom methodology and case study learning may be effective alternatives to instructional teaching in higher education settings not only in terms of learning effectiveness but also in terms of students' experience.

Salachas, Evangelos

Department of Accounting, Economics and Finance
Google Scholar profile

► Salachas, E., Kouretas, G. P., & Laopodis, N. T. (2024). The term structure of interest rates and economic activity: Evidence from the COVID‐19 pandemic. Journal of Forecasting. https://doi.org/10.1002/for.3060

This paper tests the accuracy and predictability of two term structure models using both yields-only and factor-augmented specifications focusing on the recent COVID-19 crisis. In addition, we test the predictive ability of the yield curve on economic activity for the United States and other advanced countries. We provide evidence that models with an enhanced information set, including COVID-19 factors, improve interest rate forecasts for this period. Also, we point out that term structure models can determine future variations in economic activity but are time- and country-sensitive. Finally, out-of-sample analysis reveals that the use of factor-augmented term structure models, to reflect the current economic and market conditions, improves their forecasting accuracy.

Sigalas, Christos

Department of Maritime, Transport and Logistics
Short bio

► Mantzari, E., Merika, A., & Sigalas, C. (2023). Determinants and effects of trade credit financing: Evidence from the maritime shipping industry. European Financial Management. https://doi.org/10.1111/eufm.12448

This paper investigates the factors and effects of trade credit, as an alternative source of capital, by employing a generalized method of moments instrumenting for endogeneity based on a panel data set of public maritime shipping companies and compatible companies in other industries. Our study shows that the magnitude of trade credit is affected by profitability, financial leverage, company size, cost of capital, financial distress, institutional ownership, corporate power, corporate liquidity, asset intensity, and corporate growth. It also suggests that trade credit affects financial performance, equity value, and risk. These empirical findings yield important implications for principal financial officers, as discussed herein.

Stefanou, Vassilia

Department of Management Information Systems
Short bio

► Avgerinou, M. D., Karampelas, A., & Stefanou, V. (2023). Building the plane as we fly it: Experimenting with GenAI for scholarly writing. Irish Journal of Technology Enhanced Learning, 7(2), 61–74. https://doi.org/10.22554/ijtel.v7i2.128

Due to the COVID-19 pandemic that forced universities to shift to online learning, the need for proper training and support for faculty to ensure effective online teaching and positive student outcomes has resurfaced and gathered momentum. This paper experimented with a GenAI tool (Perplexity) toward generating content on the effects of a lack of online teacher training on teaching, cognitive, and social presence in online university courses, specifically discussing how each presence is affected according to the Community of Inquiry extant literature. The authors’ reflection on the adopted process and GenAI content yielded mixed results and proposed future strategies for improved outcomes of similar research endeavors. Implications for education stakeholders and the field at large were discussed culminating in a shared perception of the value of Critical AI Literacy skill development while thoughtfully leveraging the vast capabilities of GenAI to bring about a profound transformation of teaching, learning, and scholarship.

Tasoulis, Konstantinos

Department of Management and International Business
Short bio

► Tasoulis, K. (2023). Prologos [Preamble]. In Taxideuontas ston chrono... 100 chronia apo tē Mikarasiatikē Katastrophē: Mathētikos logotechnikos diagōnismos, 28oi Paniōnioi agōnes [Traveling through time... 100 years since the Asia Minor Catastrophe: Student literary competition, 28th Panionian games] (pp. 13–16). Ydroplano Books.

In 2023, the world commemorated the centennial of the Minor Asia catastrophe, a pivotal moment in history. To honor our ancestors, an anthology emerged: a collection of poems and literary works by students. This literary endeavor was born out of a contest that spanned 43 cities across Greece and Cyprus, held within the 28th Panionian Games. Notably, the American College of Greece (ACG) played a crucial role by generously offering awards to the talented winners, with the support of A. Triantafyllou, G. Vakerlis, C. Carydis, I. Lazana, P. Vlachopoulos, H. Maragou, M. Klouras, and V. Giannakopoulou. In addition, the assessment of the students' creations was entrusted to esteemed educators, Mr. P. Vasilopoulos and Mr. I. Parisis from Pierce College. At the helm of this initiative was Konstantinos Tasoulis, head of culture at the Panionian Games. In the forward of this anthology, Konstantinos articulates the vision behind the revival of the Panionian Games, intertwining the ancient Panionia of Ionia, arguably the birthplace of the Homeric epics (Frame Douglas, Hippota Nestor, Center for Hellenic Studies, 2009), with the modern Panionian Games of Smyrna, forging a powerful connection to the present day.

► Tasoulis, K., Pappas, I. O., Vlachos, P., & Oruh, E. S. (2023). Employee reactions to planned organizational culture change: A configurational perspective. Human Relations. https://doi.org/10.1177/00187267231183305

Can organizational culture be intentionally changed? And if so, what are the pathways to success versus failure? We address these questions by employing a configurational perspective, which allows us to examine the impact of multiple combinations of employee perceptions and traits on planned organizational culture change. Although employees have long been the focus of culture change research, the complex interactions of factors affecting their reactions have been largely ignored. With such a focus, the study empirically identifies pathways to successful versus failed organizational culture change, drawing rare empirical evidence from 59 interviews and secondary data from one of the longest surviving examples of industrial democracy, John Lewis Partnership, which underwent change geared away from a ‘civil-service’ towards a high-performance culture. Applying a fuzzy-set qualitative comparative analysis (fsQCA), we identify multiple equifinal combinations of employee perceptions and traits (e.g., perceived organizational support, empowerment, and tenure) associated with successful or failed organizational culture change. Interestingly, we find more pathways leading to positive (i.e., ‘comparing’, ‘acquitting’, and ‘tolerating’) versus negative (i.e., ‘disillusioning’ and ‘dissociating’) reactions to culture change. We leverage these findings to show that employee reactions are more complex than currently considered, illustrating the value of a configurational perspective in such efforts.

► Tasoulis, K., Theriou, G., Louzi, N., & Chatzoudes, D. (2023). Scylla and Charybdis: The relationships between supervisor active and passive cyber incivility with job stress, work engagement, and turnover intentions. European Management Journal. https://doi.org/10.1016/j.emj.2023.10.002

Cyber incivility (CI) is a prevalent form of workplace mistreatment with deleterious consequences for individuals and organisations. Although research has established a clear distinction between active and passive forms of CI, a nuanced understanding of how these affect employee attitudes and behaviours is lacking. The absence of such studies potentially misleads researchers and practitioners into assuming identical effects. To elucidate this distinction, we draw from the job demands–resources theory and explore the relationship between supervisor-initiated active and passive CI exhibited through digital communication tools and employees’ work engagement and turnover intentions. Furthermore, we test the mediating role of job stress and the moderating role of psychological resilience. Based on a cross-sectional survey of 346 working professionals, we find that both active and passive CI are negatively related to work engagement indirectly, through job stress. In addition, both forms of CI are positively associated with turnover intentions directly, as well as indirectly through job stress. Psychological resilience does not significantly moderate any of these relationships.

Note:The paper was co-authored with Nikol Louzi. Nikol studied HRM at ACG and conducted a project on cyber-incivility for her Honors thesis. Data from her project were used to conduct this study.

Triantafyllidis, Athanasios

Department of Management Information Systems
Short bio

► Triantafyllidis, A., Deloglou, M., Leftheriotis, K., Sainis, G., & Vranopoulos, G. (2023). Flipped classroom methodology and case study learning compared to instructional teaching: A student experience evaluation. In L. Gómez Chova, C. González Martínez, & J. Lees (Eds.), EDULEARN23 proceedings: 15th International Conference on Education and New Learning Technologies, Palma, Spain. 3-5 July, 2023 (pp. 2158-2165). International Academy of Technology, Education and Development. https://doi.org/10.21125/edulearn.2023.0647

This study investigates the perspectives of higher education students on flipped classroom methodology and case study learning compared to instructional teaching. Additionally, it provides a literature review of works relevant to active learning methodologies.

A survey of 215 undergraduate business students from Deree College in Greece on their experiences with each teaching approach was conducted. The results showed that most students preferred flipped classroom methodology and case study learning to traditional instructional teaching. They reported that these approaches allowed for more interactive and engaging learning experiences, as well as greater opportunities for critical thinking and problem-solving. In this paper, we are focusing on exploring the ways active learning methodologies impact students' experience in learning. The findings suggest that flipped classroom methodology and case study learning may be effective alternatives to instructional teaching in higher education settings not only in terms of learning effectiveness but also in terms of students' experience.

Tzoumaka, Eugenia

Department of Marketing
Short bio

► Leivadi S., Tzoumaka, E. (2023). The Authentic Marathon Swim: Understanding swimmers’ experiences and behavior in a small-scale sport tourism event. In V. Katsoni (Ed.), Tourism, travel, and hospitality in a smart and sustainable world: 9th International Conference, IACuDiT, Syros, Greece, 2022 (pp. 571–585). Springer International Publishing. https://doi.org/10.1007/978-3-031-26829-8_36

The Authentic Marathon Swim is a small sport tourism event which consists of an open-water swimming event, and it is organized by the Municipality of Istiea-Edipsos at Pefki in the island of Evoia, Greece. The event includes six races (14.5-km, 10-km, 5-km, 3-km, 1.5-km, and a 500-m kids’ race). It has historical significance because it replicates a 2.500-year-old event that of Skyllias and his daughter Hydna who are considered according to Herodotus the first marathon swimmers. This event has a short but dynamic history of 3 years, all of them under the pandemic circumstances. Nevertheless, the last version of the event (2022) attracted 170 participants (55 children) from 14 different countries. The purpose of this paper to describe the participants’ experience and behavior. This was investigated through a questionnaire which included questions related to the quality of their experience with the event; the location and its amenities; spending (accommodation, food, retail) while at the event; and future intentions regarding the event and the location as well as other administrative questions (e.g., location of residence, travel companions, location and duration of stay, etc.). Overall, the findings of this study revealed that this is a successful event which contributes not only to the image of the location but it also has a significant economic impact. In addition, the results also confirm previous research, which claims that positive word-of-mouth and the behavioral intentions of active tourists are affected positively by the destination image (i.e.,Kaplanidou and Vogt, Journal of Sport & Tourism 12:183–206, 2007; Kaplanidou and Gibson, Journal of Sport & Tourism 15:163–179, 2010;Kaplanidou et al., Journal of Sport Management 26:237–248, 2012;; Zhang et al., Tourism Management 40:213–223, 2014). In conclusion, findings have practical applicability to policy makers (local government and officials) as well as to event marketers.

Vikas, Ioannis

Department of Accounting, Economics and Finance
Linkedin profile

► Vikas, I., Abeliotis, K., & Apostolopoulos, C. D. (2023). Sustainability reporting priorities through an examination of the indicators of the global reporting initiative: A case study of organizations from Greece. The International Journal of Sustainability Policy and Practice,19(2), 89–104. https://doi.org/10.18848/2325-1166/CGP/v19i02/89-104

This study presents a comprehensive content analysis of sustainability reporting in Greece through an examination of all published and registered reports of Greek organizations according to the Global Reporting Initiative standards. The dimensions of environment, society, and economy are examined through their detailed indicators, and their positive interrelation is identified. The analysis of the issues covered in the sustainability reports reveals the priorities of the organizations in the field of corporate social responsibility—namely, energy, waste, and emissions issues for the environment and safety health, education, and employment issues for society. It also indicates the course of development of sustainability reporting in countries that have passed the initial stage of development but are yet to be considered mature ecosystems in the field of sustainability reporting.

Zombanakis, George A.

Department of Accounting, Economics and Finance
Google Scholar profile

► Bardakas, I., Doulos, D., & Zombanakis, G. A. (2023). Determinants of FDI inflows as seen through the doing business indicators lens: Evidence from the EU. Atlantic Economic Journal, 51(4), 243–257. https://doi.org/10.1007/s11293-023-09785-6

The Doing Business indicators published by the World Bank serve as a proxy for assessing the quality of institutions and the business environment. In recent years, Doing Business scores or rankings have been used to evaluate choices affecting foreign direct investment decisions. The study purpose is to examine the extent to which the quality of institutions and the business environment, as reflected in the Doing Business indicators, is associated with higher foreign direct investment inflows in European Union countries. The paper uses data on member country performance based on selected indicators, the Corruption Perception Index, and data on work stoppages and strikes. The latter is used to capture the importance of the labour market environment and political stability. Panel data cover the period 2005–2020 for most European Union member countries. The results suggest that the quality of business and institutional environments is an important factor in attracting foreign direct investment inflows. These results vary considerably depending on the countries chosen and have important policy implications. Specifically, governments should put emphasis not only on the general functioning of the economy, but also on the improvement of institutional quality to attract foreign direct investment.

Zotou, Athina Y.

Department of Marketing

► Kyrousi, A. G., Koronaki, E., Zotou, A. Y., & Panopoulos, A. (2023). One value does not "fit" all: Value-laden luxury advertising through the lens of consumer individuality. Journal of Marketing Theory and Practice. https://doi.org/10.1080/10696679.2023.2280564

This paper investigates how consumers’ individual differences (personal values and characteristics in the adaptations level of personality) affect responses to luxury advertising laden with two opposing values: self-esteem versus image. Drawing on literature from luxury marketing, advertising and psychology, we examine the role of different personality variables in the effect of advertised values on attitudes and perceptions. Studies 1 and 2 show that susceptibility to normative influence and status consumption moderate the effect of advertised value on attitudes. Study 3 demonstrates that “for me” perceptions mediate the effect of advertised value on attitudes. Theoretical and managerial implications are discussed.