Article

 

ARE EUROPEAN WORKS COUNCILS A VEHICLE FOR THE EUROPEANIZATION OF EMPLOYEE RELATIONS? A STUDY FROM THE STANDPOINT OF PEOPLE MANAGEMENT EXECUTIVES (p.13-28)

by

Theodore Koutroukis, Democritus University of Thrace

Keywords : European Works Councils, Europeanization, Multinational Companies

JEL classification : J50, M54, J59

Abstract

The need for social partnership has resulted in the adoption of the European Works Councils (EWC) Directive. This regulation gives employees the right of information and consultation. This paper includes findings and assessment of a research project on EWCs. The research concentrates on the oil/lubricants and food/beverage sectors using several case studies and interviews with HRM Executives. The results indicate that EWCs contribute to the Europeanization in several aspects of employee relations, although that contribution has been limited in those issues that are wished by the MNCs.

 

 

WAGE-RISE CONTRACT AND LABOUR-MANAGED COURNOT OLIGOPOLY WITH COMPLEMENTARY GOODS (p.29-39)

by

Kazuhiro Ohnishi, Institute for Basic Economic Science, Japan

Keywords : Cournot competition, Labour-managed oligopoly, Wage-rise contract, Complementary goods

JEL classification : C72, D43, L31

Abstract

This paper considers a quantity-setting oligopoly model with complementary goods where labour-managed firms are allowed to offer wage-rise contracts as a strategic commitment. The following two stages are considered. In the first stage, each firm independently decides whether or not to adopt a wage-rise contract as a strategic commitment device. In the second stage, each firm independently chooses and sells its actual output. The paper analyses the equilibrium of the labour-managed oligopoly model.

 

 

DELUXE HOTELS IN GREECE: MEASURING THE PERFORMANCE OF SUSTAINABILITY OPERATION STRATEGY  (p.41-59)

by

Ioanna Giannoukou, University of Patras

Leonidas Maroudas, University of Patras

Keywords : Hotel Operation, Performance Measurement, Sustainability, Balanced Scorecard, Strategic Management

JEL classification : L25, Z32

Abstract

The concept of sustainable performance of the firms in tourism sector stands at the center of this paper. This paper intends to provide the components and the process for a firm to establish, maintain and improve a culture of sustainable development in firms in the field of tourism and a framework for an effective Management System, the performance of which can be monitored and verified. The principal objective of the paper was to explore in which extent the proposed Tourism Sustainability Balanced Scorecard, a framework for measuring and setting the strategy for sustainability, is understood and has potential use by hospitality managers in the selected hotels of Regions in Greece.

 

 

COMPARISON OF THE EUROPEAN AND THE U.S. UNREGULATED STOCK MARKETS DESIGNED FOR SMEs (p.61-87)

by

Imanou Akala, Sakarya University

Keywords : Small and Medium Enterprises, Stock markets, Initial Public offering, Index prices, Financial risk and return

JEL classification : M130, G1, C120, C220

Abstract

This paper compares the performances of the European and the U.S. unregulated stock markets using the weekly adjusted closing index prices of Euronext all share index, NYSE AMEX Composite Index, and the OTCM ADR Index for the 2013-2017 period or 261 observations each. ADF, EGARCH, and ARCH tests have been applied on the collected time series data to measure and forecast index prices volatility, risk and return. The results obtained from the tests and analysis show a high levels of price volatility in some periods; but a permanent effect of shocks has not been observed in the long term for all the analysed indexes. It is also seen that negative shocks cause more volatility than positive shocks. However, an overall result has shown that the Euronext all share index despite slight declines displays an upward trend and relatively higher returns with less risk than the NYSE AMEX Composite Index and the OTCM ADR Index; reflecting the better performance of the European unregulated market compare to its U.S. counterparts.

 

 

RESEARCH NOTE: A DYNAMIC MODEL OF INCOME VELOCITY FOR CHINA’S PRO-GROWTH MONETARY POLICY  (p.89-93)

by

Chien-Hsun Chen, National University of Singapore

Keywords : Income Velocity, China’s Pro-growth Monetary Policy

JEL classification : E51, P24

Abstract

China’s pro-growth monetary policy not only has the ability to influence the level of national income but also has an inflationary impact on the economy. Thus pro-growth monetary policy through output and price effect might raise the question of dynamic stability of income velocity. In a dynamic model with pro-growth monetary policy, the question of stability of income velocity is theoretical ambiguity.