Article

 

THE COURSE OF FOREIGN DIRECT INVESTMENT IN THE GREEK ECONOMY (p.11-32)

by

Antonios ZAIRIS, NEW YORK COLLEGE

Keywords : Foreign Direct Investment, Greece, External Finance

JEL classification : F21, F43, F63, G18

Abstract

FDI is considered an important element of economic globalization that enchases efficiency, growth and leads to technological improvement. The purpose of the present paper is to provide an overview on the issue of FDI in Greece. Results showed that despite the country's efforts, foreign investment has not yet reached its potential. Greece did not exploit the opportunities that were presented, and is still struggling to attract foreign investors. FDI inflows were focused on services and derived from the traditional European exporting countries. In relation to the Ease of Doing Business Report, it appears that inflows were not affected by Greece's rank.

 

 

REPUTATION RISKS: WHAT ENHANCES THE EFFECTIVENESS OF REPUTATION RISK MANAGEMENT IN OIL & GAS COMPANIES? (p.33-55)

by

Evangelia Fragouli, University of Dundee

Ekruka Joseph, University of Dundee

Keywords : Reputation risk management (RRM), risks, corporate governance, oil & gas

JEL classification : M0

Abstract

The study will attempt to answer which factors enhance the effectiveness of reputation risk management (RRM) in the oil and gas industry, will define which risks are eminent from the oil and gas external environment based on PESTEL’s framework analysis, as well as, will describe the competitive forces in the oil industry that determine a company’s profitability. The methodology used is based on an empirical study through the development of a questionnaire distributed to employees who work in oil & gas companies. The conclusion is that stakeholder management, transparency and corporate social responsibility (CSR) initiatives are major factors enhancing the effectiveness of RRM. The survey also indicates that RRM is regarded as highly important while the main issues RRM has to deal with is unethical business practices and breach in regulations.

 

 

APPLYING SERVQUAL TO THE BANKING INDUSTRY (p.57-71)

by

Andreas P. Kakouris, University of the Aegean

Panagiotis K. Finos, Hellenic Open University

Keywords : Service quality, SERVQUAL, Customer satisfaction, Serbia, Financial institutions

JEL classification : M1

Abstract

This empirical study examines the service quality perceptions of customers of the leading bank in the Serbian market. The survey was conducted by using the widely used SERVQUAL measurement tool. Moreover, comparison between SERVQUAL findings and customer satisfaction surveys was conducted along with an attempt to prove correlation between customers’ perceptions regarding service quality. Findings revealed gaps between expectations and perceptions among customers of the case-in-study bank which implies that there are service quality shortfalls that need to be taken care off. The absence of scientific work related to service quality measurement using SERVQUAL method in the Serbian banking market, makes this work regarded as pioneering. Although SERVQUAL instrument exhibited several disadvantages in comparison to customer satisfaction surveys, the recommendation is not to abandon SERVQUAL measurements but to remove limitations and adapt it to better correspond to each case.

 

 

LEADING BUSINESS ORGANIZATIONS IN THE GLOBAL ERA: DECISION MAKING IN CHAOS AND CRISIS SITUATIONS (p.73-89)

by

Evangelia Fragouli, University of Dundee

Keywords : Chaos, crisis, leadership, business, decision making, organizations

JEL classification : M0

Abstract

Chaos is an inescapable part of modern day reality in business organizations across the world. In the midst of globalization, business leaders are constantly confronted with chaos due to various political, economic and social issues. Chaos introduces uncertainty, unpredictability, irregularity and randomness in organizations; and it challenges the conventional leadership theories, models and philosophies. The main objective of this research paper is to explore the concept of chaos in business organizations and how it affects the leadership capacity. It is a literature review based study focusing on the broader definition of chaos; application of chaos in business organizations; how chaos emerges; consequences of chaos; factors influencing and shaping chaos; and how leaders manage business organizations in the presence of chaos. This essay explores also the connection of chaos and crises faced by leaders and the role of decision-making indicating that as world slowly inches deeper into the global era business must slowly adapt and change to successfully fit in. The work concludes by stating the type of leadership needed and decision-making style needed for a business to thrive. It also concludes that complexities and uncertainty associated with chaos are often ignored when business models, practices, strategies and policies are formulated in most organizations, and as a result it becomes challenging for business leaders to deal with chaos when it arises. Application of chaos theory in business organizations provides a promising and pragmatic remedy to business challenges.

 

 

TOURISM and TRADE DIMENSIONS of TURKISH-GREEK RELATIONS under ERDOGAN GOVERNMENTS (p.91-102)

by

Nazlı USTA LAZARIS, Erciyes University

Keywords : Greece, Turkey, Prime Minister Erdogan, Justice and Development Party, trade, tourism

Abstract

As it is known, after the parliamentary elections of 2002, Justice and Development Party (AKP) came to power in Turkey and the country has been governed by three Erdogan’s cabinets between 14 March 2003 and 29 August 2014 until he was elected president of the republic. In this period, not only the basic features of politics but also Turkish-Greek relations have been altered and tourism and trading have helped to this change. In this study, the alteration of the Turkish-Greek relations will be examined in the context of trade and tourism with the use of Keohane and Nye’s theory of complex interdependence. According to this theory, states which have controversial issues or historical problems may avoid the tension and conflicts under economic interdependency. In this context, the aim of this study is to put forward the alterations and progress among these states through economic relations under Erdogan governments between 2002 and 2014. In conjunction with the progress, it can be claimed that the economic relations are getting better every passing day.