Business Administration and Economics Department

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WELCOME to BAED DSPACE

BAED aims to undertake internationally focused research that seeks to benefit both organizations and society as a whole through creating more effective and sustainable business and managerial practices.

Objectives

Meet high international standards of excellence in research by increasing and advancing quality output, impact and engagement
Produce and disseminate original and well executed research in business, management, marketing, entrepreneurship, and economics
Produce research with transformational impact on current business practices, business education, and the society with a focus on South East Europe and beyond
Pursue synergies among members of staff and between members of the Department and academics from other departments of CITY College and from other Higher Education Institutions
Follow a research-led teaching approach, which enables members of staff to better link their participation in research with their teaching interests
Support SEERC in its aim to operate at the forefront of scholarly enquiry.

Meet high international standards of excellence in research by increasing and advancing quality output, impact and engagement
Produce and disseminate original and well executed research in business, management, marketing, entrepreneurship, and economics

Research Interest Areas

Economics, Finance and Risk Management:

Monetary Economics
Exchange Rates
Financial Spillovers
Geopolitics and Foreign Direct Investment
Commodities and Crypto-currencies
Health Economics

Management and Organisations

Orgnasiation Theory and strategy
Human Resources
Technology Management
Entrepreneurship & Innovation
Environmental Sustainability
Supply Chain Management and public Administration
Environmental Sustainability
Hospitality and tourism industry
Healthcare Management

Marketing

Qualitative Market Research
New Phenomena in Marketing
Consumer Behaviour
Relationship Marketing
Sustainability
Luxury Fashion
International Marketing

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Five-star hotels of a multinational enterprise in countries of the transitional periphery: A case study in human resource management

(Elsevier, 2015-12) Serafini, G. O. ; Szamosi, L. T.

The paper examines the application of human resource management (HRM) practices by a Multinational Enterprise (MNE) whose operations extend from unexplored post-Soviet countries’ transitional periphery economies to advanced economies. By involving hotels of a global luxury US chain in Azerbaijan (Caucasus) and Kyrgyzstan (Central Asia), this in-depth case study focuses on the labour-intensive hospitality industry which, although being relatively neglected by mainstream research, is among the first movers in new markets through the setting of business infrastructure and then leisure tourism. Through Whitley's dimensions of employer–employee interdependence and employee delegation, comparisons highlighted few differences between properties operating in the particular transitional periphery economies and those in a developed country (Germany) owned by the same chain. On the basis of corroboration obtained through a multiple case study methodology, dissimilarities identified were in terms of the flexibility of employment, outsourcing and dismissal procedures; however, despite socio-economic differences across nations, it is argued that luxury hospitality MNEs are able to maintain an overall uniform implementation of HRM policies and practices regardless of locale through a “geocentric” approach as illustrated by Perlmutter (1969) in his seminal work.
Message framing and acceptance of branchless banking technology

(Elsevier, 2016-05) Jonila Kurila ; Lambros Lazuras ; Panagiotis H. Ketikidis

Mobile communication technologies are ubiquitous and span a wide range of applications. The present study assessed the effects of message framing on the public acceptance of branchless banking applications using the unified theory of acceptance and utilization of technology (UTAUT). Adult holders of an active bank account were randomly assigned into three message framing conditions (gain frame, loss frame, and control condition), and completed structured anonymous questionnaires on technology acceptance variables derived from the UTAUT. Analysis of variance (ANOVA) showed that message framing manipulations did not influence directly self-reported scores on technology acceptance variables. However, linear regression analyses showed that message framing differentiated the interrelationships between usage intentions and related UTAUT variables between conditions. Moderated regression analysis further showed that gender interacted with performance expectancy in predicting usage intentions in the control group condition. Message framing manipulations influence the way intentions to use technology relate to technology acceptance beliefs. This effect should be further examined in the context of technology acceptance models in e-commerce applications, and more especially in the branchless banking domain. Efforts to promote branchless banking applications would benefit from assessments of potential users’ technology acceptance beliefs and intentions.
An investigation of social entrepreneurial intentions formation among South-East European postgraduate students

(Emerald Group Publishing Limited, 2016-11-21) Kostas Politis ; Panayiotis Ketikidis ; Anastasios D. Diamantidis ; Lambros Lazuras

Purpose – The purpose of this paper is to investigate the formation of social entrepreneurial intentions (SEIs) in postgraduate students in the South-East European region. Design/methodology/approach – A quantitative approach (self-administered online questionnaire) is used to gather data. The total number of the questionnaires that were collected and analyzed through SPSS statistical suite was 115 from which 111 were valid. Findings – From the proposed five hypotheses set in the literature, only the personality trait theory was totally rejected because it failed to predict social and commercial entrepreneurial intentions (EIs). The remaining hypotheses were found to be valid. The study’s key finding is that the chosen theory (Ajzen’s theory of planned behavior (TPB)), is able to predict both kinds of intentions. An alarming key finding is that tensions in mission focus seem to be present in the early shaped intentions of potential social entrepreneurs. Research limitations/implications – Research findings impose that major educational and policy efforts are needed to promote the theme of social entrepreneurship (SE). The results indicate that most of the postgraduates have not yet fully understood the mindset of SE as they were confused about the synergy of the goals (inherent in their social vs profit intentions). Originality/value – This research contributes in three major ways to the literature. First, it shows that SEIs seem to be shaped similarly to EIs; determined mostly by two of the motivational factors of the TPB (personal attitude and perceived behavioral control). Second, it shows which factors seem to affect both constructs and third, it adds to the literature by showing that tensions in mission focus are evident early on in the intentions’ formation process, underlying the necessity of immediate educational and legislative precautions.
Institutional Co-Creation Interfaces for Innovation Diffusion during Disaster Management

(ResearchGate, 2017-03-01) Adrian SOLOMON ; Panagiotis KETIKIDIS ; Felicia SIAVALAS

This paper discusses the concept of Resilient and Green Supply Chain Management (RGSCM) implementation in South Eastern Europe (SEE) from the point of view of understanding the structure of the inter-organizational (institutional) interfaces involved in this process as well as how are these interfaces evolving and transforming over time. As social and environmental concerns are growing in importance through normative and coercive directions, all the regional actors (triple/quadruple/quintuple helix) that supply chains interact with need to bridge their inter-organizational interfaces to properly ensure co-creation at the entire stakeholder level towards increasing the chances of a homogenous implementation of RGSCM. In this context, this paper adopts a three-stage mixed methodology of interviews, survey, focus groups, modelling and simulation case studies. The results show that the key pillars of inter-organizational interface integration and evolution reside in the proper identification of the key goals (performance indicators) of the involved institutions, which will maintain market-optimized competition levels. Then, institutions will steadily adhere to the market trends as explained by the ST and INT and in the process of adopting the RGSCM eco-innovation (DIT), the new entrant institutions will transform their inter-organizational interface to properly bridge with the core market stakeholder group. Finally, the key driver of interface alteration resides in the ability of disruptive (eco) innovators to set new standards. This research has core academic implications by extending the INT, DIT and ST under the context of RGSCM, policy implications in terms of proper policy making to support the required co-creation as well as practical implications by helping organizations to manage their inter-organizational interfaces.
The Application of MNC HR policies and practices in the luxury hotel industry: Differences and similarities between transitional periphery versus developed economies

(Edward Elgar, 2018) Serafini, G. O. ; Leslie T. Szamosi

With a growing body of literature dealing with business and management issues in the transitional economies of Central and Eastern Europe, the study of the ‘transitional periphery’, or post-Soviet economies, is sparse. A combination of rich natural resources and strategic locations make these economies of significant importance. This book provides fresh and recent research on both firms and the business environment in this region. It serves as a key reference work for those interested in comparative capitalism, business and society in the post state socialist world. - - - An original and insightful book, this work focuses on domestic and overseas firms operating in those Central Asian and Eastern European countries considered to be the transitional economic periphery. Chapters shed light on their distinct forms of capitalism, and how it influences and adapts the firms located there. The eminent authors show how, in a post-state socialist world, there are several implications for both domestic and overseas firms functioning successfully in the transitional periphery. With the complex mix of political and market mediation and informal personal ties, chapters explore the delicate balance of liberalisation in transitional economies. Detailed examples from specific countries in Eurasia and Central Asia such as Belarus, Azerbaijan, Mongolia, Uzbekistan, Armenia and Georgia are discussed alongside broader thematic issues of economic and social change, labour relations and human resource management. Most importantly, it is shown that liberalisation has little connection to short-term business growth. To succeed in such contexts, international firms need to be both pragmatic and creative in coping with malleable yet durable forms of institutional mediation. Providing a unique perspective on the transitional economic periphery and much-needed insights from international business, this book is essential reading for researchers and graduate students studying transitional economies, non-traditional business models, institutional persistence and change, political and economic development and management in economically transitioning countries.
Human resource management: A critical approach.

(Routledge, 2018) Collings, D. G., Wood, G. T., & Szamosi, L. T.

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Remittances and FDI Effects on Economic Growth: A VECM and GIRFs for the Case of Albania

(Taylor and Francis, 2018-01-18) Petros Golitsis ; Kushtrim Avdiu ; Leslie T. Szamosi

This paper analyzes the effects of remittances and foreign direct investments (FDI) on economic growth, gross fixed capital formation (GFCF), and inflation in Albania through a vector error correction model. The results show that remittances Granger-cause positively economic growth short- and long-run and negatively inflation, while no significant relationship has been established between remittances and GFCF. The findings support that remittances, apart from affecting economic growth, disinflate the Albanian economy. With respect to FDI, there are signs that inflation Granger-causes negatively FDI, while there appears to be no relationship between FDI, economic growth, and capital formation.
Continuity and Change in Greek Politics in an Age of Austerity

(Palgrave Macmillan, Cham, 2018-02-20) Prodromidou Alexandra

This chapter discusses the impact of austerity policies on Greek politics and attempts to identify patterns of continuity and change in the post-1974 era. The first part maps the evolution of politics in Greece, with a focus on the development of the clientelistic state, which shaped state policies largely based on political cost. The second part discusses the changes occurring post-2010, including the decline of the socialist PASOK in favour of the rise of fringe populist parties. It is argued that the political and social turmoil created by the austerity measures adopted have been conditioned by the already existing particular brand of populist and clientelistic governance, which stood at the core of the country’s party political system at least since the 1980s.
Drivers of intentions to use healthcare information systems among health and care professionals

(SAGE journals, 2018-11-30) Vladimir Ljubicic ; Panayiotis H Ketikidis ; Lambros Lazuras

Although investment in healthcare technology is rapidly increasing, the readiness to use emerging technologies among healthcare professionals is still low. The present study relies on an integrated model derived from the unified theory of acceptance and use of technology and the diffusion of innovation model to assess the factors that predicted healthcare professionals’ intentions to use healthcare information systems. Using a cross-sectional correlational design, 105 healthcare professionals (M age = 41.06, standard deviation = 9.18; 49% consultants and General Practitioners (GPs); 56.2% females) from hospitals in England completed online structured questionnaires. One-way analysis of variance showed that there were no differences in healthcare information systems usage intentions, unified theory of acceptance and use of technology and diffusion of innovation variables between consultants/GPs and non-medical staff (i.e. nurses and administration staff). Linear regression analysis demonstrated that the integrative model predicted 78.1 per cent (adjusted R2) in intentions to use healthcare information systems, and variables from both unified theory of acceptance and use of technology and the diffusion of innovation had significant effects. Moderated regression analysis further revealed that the interaction between voluntariness and effort expectancy, and voluntariness and social influence significantly predicted usage intentions on top of the main effects of the individual predictors. This poses direct implications for both practice and theory in this field. Future research should consider the predictive validity of integrative theoretical models of technology acceptance and utilization in healthcare settings.
Many hands lighter work? Deciphering the relationship between adverse working conditions and organization citizenship behaviours in small and medium‐sized enterprises during a severe economic crisis.

(Wiley, 2019) Psychogios, A., Nyfoudi, M., Theodorakopoulos, N., Szamosi, L. T., & Prouska, R.

What is the relationship between adverse working conditions and employees’ organizational citizenship behaviour (OCB) in small and medium-sized enterprises (SMEs) operating under a severe economic crisis? To address this question, a survey of 312 front-line workers was undertaken in 62 Greek SMEs − an instrumental setting where the current deterioration of working conditions is acute. Our contribution is twofold. First, we develop and test a scale for measuring adverse working conditions. Second, we decipher the extent to which such conditions relate to organizational and individual aspects of OCB, considering job satisfaction’s mediating role. Through this research we extend the OCB literature within the context of SMEs operating under severe economic crisis and highlight the implications for managing human resources in SMEs, a sector conspicuous for its socio-economic significance and its vulnerability during economic downturns.
Consumers’ Perceptions on Complexity and Prospects of Ethical Luxury: Qualitative Insights from Taiwan

(SAGE JOURNALS, 2019) Karatzas, Stelios ; Kapoulas, Alexandros ; Priporas, Vasileios, Constantinos

This qualitative study explores ethical luxury in Taiwan, a country that represents a significant demographic in the luxury market. The study utilized the ZMET technique and focus groups. A total of 28 heavy users of luxury brands were interviewed. Results indicate that luxury brands are chiefly defined by such constructs as price, quality and aesthetical attributes, whereas ethicality is centrally demarcated by human wellbeing, the environment and animal welfare, amongst other elements. The fusion of these two concepts implies several encouraging outlooks and certain deterring factors. Results denote that there is potential for ethical luxury's inception in the Taiwanese market, but with considerable forethought in the process. This study extends the body of knowledge in how consumers perceive the prospect of ethical luxury, especially from a non-western perspective.
Everyday politics of austerity: Infrastructure and vulnerability in times of crisis

(SAGE, 2019-02-26) Petrova Saska ; Prodromidou Alexandra

Growing numbers of households in Greece are unable to secure adequate levels of energy services in the home – a condition generally known as energy poverty. This situation can largely be attributed to the imposition of an austerity regime following the post-2008 debt crisis. We scrutinize the everyday experiences of, and resistance to, austerity among the ‘new energy poor’ – an emergent socio-demographic group whose vulnerability is contingent upon decreasing incomes, high prices, new taxation and inadequate socio-technical infrastructures. Having undertaken ethnographic research with 25 households living in and around the Northern Greek city of Thessaloniki, we draw on theoretical insights from the domains of informal household practices and environmentality frameworks to highlight the manner in which the austerity regime simultaneously renders households vulnerable and governable. The geographies of the new energy poor include a variety of spatial settings – inurban and peri-urban locations alike – that are constitutive of multiple material sites while being dependent upon them. This points to the existence of an infrastructurally embedded everyday landscape of austerity that amalgamates the state policies, corporate interests, household practices and material pathways through which energy is produced and consumed.
Credit Risk Determinants: Evidence from the Bulgarian Banking System

(SSRN, 2019-03-19) Petros Golitsis ; Athanasios P. Fassas ; Anna Lyutakova

The present study examines a wide set of credit risk determinants for the Bulgarian banking system. Using both monthly and quarterly data and employing two methodologies, Vector Autoregressive and Autoregressive Distributed Lag models, we test ninety-one possible determinants of the banks’ credit risk, as measured by non-performing loans, loan loss provisions and problematic loans. Our empirical findings show that both bank-specific and institutional, in addition to macroeconomic, factors have a significant impact on the credit risk of the banking system in the country.
Varieties of crisis and working conditions: A comparative study of Greece and Serbia

( 2019-03-21) Alexandros Psychogios ; Leslie T. Szamosi ; Chris Brewster

Greece and Serbia are historically different, yet regionally connected. Their weak institutional foundations and long-term economic turbulence have prevented them from overcoming crises, leading to the institutionalization of adverse working conditions. We focus on the outcomes of the systemic crisis in Greece and the transition crisis in Serbia, using semi-structured interviews and focus groups with managers and employees in small- and medium-sized enterprises in two time periods. We argue that, although the crisis has different origins in the two countries, it has consolidated adverse working conditions. Our research explores the institutionalization of adverse working conditions and offers an understanding of the lived reality of institutions, examining variations in the origins, pressures and outcomes of different types of crises on business practices from an individual perspective
Including social performance as a measure for resilient and green freight transportation

(Elsevier, 2019-04) Adrian Solomon ; Panayiotis Ketikidis ; S.C. Lenny Koh

Whilst the literature shows a clear relation between institutional pressures (normative, coercive, mimetic) on the adoption of Resilient and Green Freight Transportation (RGFT) practices on the one hand, and economic, operational and environmental performance on the other, very few studies have considered the role of social performance (both society and employee-wise) in this equation. Social performance is currently under investigation as a potential success indicator in RGFT practice implementation. However, well-established models that include this social indicator still lack in the field. To this end, this research builds upon an institutional theory-based model which includes social performance as one of the decision-making factors in the industry. A sample of 107 freight transporters from South East Europe (SEE) provides the data to test several structural relations through path analysis. Results show that the three aforementioned institutional pressures positively impact on RGFT practice implementation. However, the relation is positive for all three pressures only when successful RGFT practice implementation has a moderating effect. Similarly, RGFT practice implementation positively impacts on social performance, through which as moderator, it also yields environmental and economic performance. Lastly, the results show that social performance positively impacts on economic and environmental performance. Overall, this study contributes to institutional theory and green supply chain management by demonstrating the need for including social performance as a success indicator in RGFT practice implementation. Ultimately, this study provides insights for industries and policymakers from SEE and comparable regions.
Many Hands Lighter Work? Decipheringthe Relationship between Adverse WorkingConditions and Organization CitizenshipBehaviours in Small and Medium-sizedEnterprises during a Severe Economic Crisis

(Published by John Wiley & Sons Ltd,, 2019-07) Alexandros Psychogios ; Margarita NYfoundi ; Nicholas Theodorakopoulos ; Rea Prouska

What is the relationship between adverse working conditions and employees’ organiza-tional citizenship behaviour (OCB) in small and medium-sized enterprises (SMEs) oper-ating under a severe economic crisis? To address this question, a survey of 312 front-lineworkers was undertaken in 62 Greek SMEs−an instrumental setting where the currentdeterioration of working conditions is acute. Our contribution is twofold. First, we de-velop and test a scale for measuring adverse working conditions. Second, we decipher theextent to which such conditions relate to organizational and individual aspects of OCB,considering job satisfaction’s mediating role. Through this research we extend the OCBliterature within the context of SMEs operating under severe economic crisis and high-light the implications for managing human resources in SMEs, a sector conspicuous forits socio-economic significance and its vulnerability during economic downturns.
Netnography as a marketing research tool in the fashion industry in South East Europe.

(SAGE JOURNALS, 2020) Xharavina, Natyra ; Kapoulas, Alexandros ; Miaoulis, George

In the past decades, marketing has been revolutionized by digital sources, which provide marketers with rich information on potential consumers. Consequently, this article explores the evolving opportunities that online communities present to marketers in collecting consumer insights. It advances Southeast Europe’s marketing researchers’ understanding of netnography by introducing them to its concept, procedures, and implications. This study triangulates the data through utilizing seven one-to-one in-depth interviews with fashion designers, employing two focus groups with fashion consumers who actively congregate in online communities, and through conducting netnography on a fashion-related online community. This article demonstrates netnography practices, and experiences with the goal of having fashion designers and marketers understand its potential as an efficient method for providing effective qualitative market intelligence. It shows that netnography is a relatively easy, cost-effective and time-efficient approach, and it supports brand development through achieving a better understanding of consumer perceptions. Overall, netnography has great potential as a marketing research tool. Online fashion community members’ views support it as most of them prefer to participate in netnographic research. Nevertheless, the majority of fashion designers in Southeast Europe are not fully aware of the method and its exact procedures and, hence, avoid using it.
Bank Asset and Informational Quality

( 2020-02) Kladakis, George ; Chen, Lei ; Sotirios K. Bellos

We examine the relationship between bank asset and informational quality. We use a diversified panel of 699 banks from 84 countries and measure opacity (lack of informational quality) with rating disagreements between issuer-specific ratings by three credit rating agencies (S&P, Moody’s and Fitch). Results from panel ordered logit regressions show that poor asset quality increases the probability of greater credit rating disagreements. Considering that the recent regulatory frameworks require from banks to reduce the worrying levels of non-performing loans and to increase transparency in their risk-taking, our findings have important policy implications.
Dynamic co-movements and directional spillovers among energy futures. Studies in Economics and Finance

(EMERALD GROUP PUBLISHING LIMITED, 2020-06) Sercan Demiralay ; Hourvouliades, N ; Athanasios P. Fassas

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.
Should stock investors include cryptocurrencies in their portfolios after all? Evidence from a conditional diversification benefits measure.

(John Wiley & Sons, 2020-08-10) Sercan Demiralay ; Bayracı, Selçuk

Higher media coverage and stronger investor interest in cryptocurrency market may create closer linkages with traditional assets, leading to deteriorated diversification benefits. Cryptocurrencies have recently emerged as an alternative digital asset class; however, very little is known about their portfolio performances. In this study, we investigate the time-varying investment benefits of cryptocurrencies for stock portfolios using a correlation-based conditional diversification benefits (CDB) measure. We construct six portfolios consisting of cryptocurrencies, developed and emerging equity markets and find that the time-varying correlations between cryptocurrencies and stock markets are generally low. However, the level of correlations significantly increases in turbulent periods, such as Brexit referendum and Coincheck hack. The dynamic CDB measures suggest that adding cryptocurrencies to equity market portfolios enhances portfolio diversification; however, the benefits of diversification have diminished after late 2017. Our results offer significant insights and potential implications for market participants.

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