ACG 150

Working Paper Series

Working Paper 1: From Fragments to Composition: The Origins of Economic Thought in Modern Greece

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Author: Michalis Psalidopoulos


Abstract: The present contribution sheds light on the period before and after the revolution of ’21 from the viewpoint of the history of economic thought.  We begin our investigation in the middle of the 18th century aspiring to throw light on the economic element of the neo-Hellenic spiritual movement in the process of its establishment.


Copyright 2022 by Michalis Psalidopoulos. Short sections of text may be quoted, provided that full credit is given to the source.


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Author: Spyridon V. Branis


Abstract: Russia’s invasion of Ukraine has raised the issues of energy security and availability in Europe. Around 30-45% of Europe’s natural gas demand has been historically imported from Russia. REPowerEU initiative (March 8th, 2022) has been designed to implement the reduction on gas from the region in parallel with the decarbonization process. In this paper, we present the initial EU plan rational, its short-term and long-term targets until 2030. The scenario of abrupt stop of Gazprom’s pipeline exports is discussed. Constraints on gas supply could result in an increase of coal power generation over the short term. Renewables and nuclear energy options are practically long-term solutions and their impact on Europe’s energy independence is discussed. The updated REPowerEU initiative (May 18th, 2022) is also presented. Its aims remain the rapid reduction of dependence on Russian fossil fuels, the acceleration of EU transition to a clean economy and the increase the resilience of the EU energy system. The key package of proposals and actions: save energy, diversify of energy imports, substitute fossil fuels through Europe’s clean energy transition process and smartly combine investments and reforms is presented. Finally the merits and critical points of REPowerEU ambitious plan are discussed.


Copyright 2022 by Spyridon V. Branis. Short sections of text may be quoted, provided that full credit is given to the source.

Working Paper 3: Determinants and effects of trade credit financing: Evidence from the maritime shipping industry

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Authors: Elisavent Mantzari, Anna Merika, Christos Sigalas


Abstract: This paper investigates trade credit, as an alternative source of capital, in the setting of the maritime shipping industry. We employ net working capital, as a proxy variable of trade credit, in a Generalized Method of Moments instrumenting for endogeneity study based on a panel dataset of public maritime shipping companies, to empirically investigate the factors affecting trade credit as well as the effects of trade credit. Our study provides evidence 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. In addition, our findings suggest that trade credit has an impact on financial performance, equity value and risk. These empirical findings yield important implications for principal financial officers and senior managers, heavily involved in the strategic and financial management of capital and asset-intensive industries like the maritime shipping industry.


Copyright 2022 by Elisavent Mantzari, Anna Merika, Christos Sigalas. Short sections of text may be quoted, provided that full credit is given to the source.

Working Paper 4: Meta-Intelligence: Forming the Scaffolding that Forms You

Author: Dimitrios Makris


Abstract: This research investigates a crucial but under-explored pattern of innovators’ approach conducive to the generation of innovation, from idea to commercial development; innovators possess the capacity to critically reflect and to, simultaneously, actively manage their environments. “Meta-intelligence” captures the capacity to interrogate and curate one’s environment. Meta-intelligence entails critical reflection on a dynamic situation one is embedded in and, also, actively managing it. Placing oneself in the appropriate context is a signature characteristic of meta-intelligence in action, innovators place themselves in contexts that propel them forwards. Data from interviews were collected through qualitative research and indicate that practitioners of innovation display meta-intelligence in their innovation-generation efforts. Bricolage serves as a key theory as the repertoire of experiential schemata nurtures meta-intelligence. The findings align with dynamic capabilities theory in connection to the innovative capability and the managerial activity of transforming.


Copyright 2022 by Dimitrios Makris. Short sections of text may be quoted, provided that full credit is given to the source.

Working Paper 5: ECB between Scylla & Charybdis: Stagflation vs Fragmentation

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Author: Spyridon V. Branis


Abstract: The euro area economy has been looking more like (the picture in) the U.S. and the U.K.: wage
growth accelerates and inflation is getting stickier. Those concerns have pushed the European
Central Bank (ECB) to act faster to tighten monetary policy. By leaving behind nearly a decade of
negative interest rates, EU government bond yields in the periphery have crept into the “danger
zone”. The ECB is thus faced with a dilemma. It needs to tighten monetary policy in order to rein
in unexpectedly high inflation and at the same time to prevent fragmentation of financial markets
across the eurozone. The euro area may be about to experience something new: fragmentation in
its financial markets in a situation characterized by stagflation. As Italian government bond yields
climb, officials in Frankfurt assembled a new backstop anti-fragmentation tool for sovereign debt to
make sure they can hike rates as needed to cool inflation. The developments and the public
debates that had led to ECB’s July 21 & September 8, October 27 and December 15 meetings
decisions on interest rate hikes and the new anti-fragmentation tool are presented and discussed.
The accumulated clouds of persistent inflation, the Russian-Ukrainian conflict, the energy crisis,
Italian debt sustainability and the upcoming eurozone recession are presented in sync with market
expectations and interest rate projections. A forward guidance, for the ECB policy in 2023 is
presented. ECB will stay hawkish to anchor inflation expectations until core inflation is safely on


Copyright 2023 by Spyridon V. Branis. Short sections of text may be quoted, provided that full credit is given to the source.

Working Paper 6: Online Travel Inspiration Under the Influence of COVID-19 Consumer Perception of Risk: Investigating Antecedents and Consequences

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Authors: Christina Giakoumaki, Eleni Mavragani, Antonios Giannopoulos, Anastasia Pantazi


Abstract: Since the outbreak of the COVID-19 pandemic, tourism, among many sectors, has been negatively affected. Can tourism be encouraged and sustained through digital solutions? This research focuses on some important antecedents of online travel inspiration, as well as some key outcomes. A survey with a sample of 249 individuals reveals that while openness to experience and desire and/or intent to visit a destination does not affect online travel inspiration associated with a specific destination, travel risk perception and previous visit to that destination are key determinant factors. In addition, this study shows that people’s online travel inspiration affects their emotions, willingness to participate in online co-creation experiences and behavioral intentions to interact with an online platform that offers an alternative to physical traveling. The main contribution of this study is the examination of the construct “online travel inspiration” during a time of crisis, such as the COVID-19 outbreak, while it also offers suggestions to practitioners in the tourism field regarding the creation of inspirational activities online.


Copyright 2023 by Christina Giakoumaki, Eleni Mavragani, Antonios Giannopoulos, Anastasia Pantazi. Short sections of text may be quoted, provided that full credit is given to the source.

Working Paper 7: Drivers of Customer Engagement on LinkedIn: Uncovering The Role of Employees as Spokespersons

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Authors: Areti Krepapa, Filoumena Zlatanou


Abstract: This paper explores drivers of customer engagement with corporate brands on LinkedIn and tests a theoretical model linking thinking processes and post source characteristics to customer digital engagement. The study design employs an exploratory content analysis of 788 LinkedIn posts and an experimental research study (N=334), in the context of the CRM industry. Findings show that content with an informational purpose and posts created or shared by employees rather than company pages result in greater engagement rates. Drawing from attribution and source credibility theories, the study also tests a model of serial mediation to explain attribution and source effects on engagement. Results show that both trustworthiness through identification mediate the relationship between attribution style and engagement. Theoretical and practical implications are discussed.


Copyright 2023 by Areti Krepapa and Filoumena Zlatanou. Short sections of text may be quoted, provided that full credit is given to the source.

Working Paper 8: Redefining recruitment and selection processes for responsible AI in pre-employment assessments

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Author: Olivia Kyriakidou


Abstract: The objective of the paper is fourfold: a) to focus on a specific HRM process, such as the pre-employment assessments that take place in the recruitment and selection process, b) explore how AI works in pre-employment assessments, c) identify how biases could be incorporated in AI in pre-employment assessments, and d) develop a framework for future work and practice for the development and implementation of ethical AI in pre-employment assessments. In this way, our paper contributes to the development and implementation of ethical AI tools and technologies, maximizing the benefits of AI systems in HRM and especially pre-employment assessments while at the same time preventing their risks.


Copyright 2023 by Olivia Kyriakidou. Short sections of text may be quoted, provided that full credit is given to the source.

Working Paper 9: Flexible working arrangements, ostracism and inequality: The role of LMX and servant leadership

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Authors: Olivia Kyriakidou, Anna-Liza Manali and Angeliki Vourlou-Barza


Abstract: The unanticipated disruption caused by the ongoing coronavirus pandemic led to the extensive use of flexible working arrangements. In such a boundaryless work environment, however, there are significant concerns, especially around inclusivity and discrimination in hybrid and remote work settings. Given the increasing concerns, we investigated whether the extent of working in substantially flexible working arrangements relates to employees’ perceived ostracism and inequality, distinguishing between working from home, in a hybrid mode or from the office. In addition, we theorized that in flexible working arrangements, high-quality leader relationships, such as LMX and servant leadership, are likely to reduce perceptions of ostracism and inequality. Based on a survey of 61 professionals who worked to varied degrees in flexible working arrangements, we found that employees who worked extensively in a hybrid mode were less likely to report experiences of ostracism and inequality in comparison to employees who worked mainly from home or in an office. Furthermore, a moderation analysis showed that the effects of LMX and servant leadership on perceptions of ostracism and inequality were much stronger for individuals who work in hybrid working arrangements than those who work at the office or from home. This research significantly improves our understanding of how different degrees of flexible working arrangements affect employees and by demonstrating the role of high-quality leader relationships in reducing perceptions of ostracism and inequality at different degrees of work flexibility.


Copyright 2023 by Olivia Kyriakidou, Anna-Liza Manali and Angeliki Vourlou-Barza. Short sections of text may be quoted, provided that full credit is given to the source.

Working Paper 10: Hypertension and Anxiety: Comorbidity, Treatment and Access to Resources

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Authors: Stella Jacqueline Versteeg and Athena Stefanatou


Abstract: Hypertension and its comorbidity with anxiety disorders is a global concern even more prevalent in developing countries. There is limited data from low-income countries. Existing literature has consistently exhibited a positive association between hypertension and anxiety, although the directional dependency between the two conditions is difficult to be determined. Studies have suggested a reciprocal relationship between the two, with hypertension symptoms such as headaches, shortness of breath, fear of complications, and dizziness triggering feelings of anxiety. Similarly, the pre-existing presence of anxiety may induce temporary, yet dramatic spikes in blood pressure as well as long-term issues with hypertension. This paper provides a review of the widely investigated association between hypertension and anxiety and describes the impact that one condition has on the other in terms of psychological and physical functioning, and risk factors. Additionally, a discrepancy between prevalence, ability to control, and treatment between affluent and developing countries are discussed. The most common and effective pharmacological and psychotherapeutic treatments are presented and reviewed. Evidence-based interventions include mindfulness-based treatments such as MBSR and MBCT, ABBTs such as ACT, cognitive behavioral therapy (CBT), and motivational interviewing. Suggestions for future treatment options and management of both conditions are presented, with an emphasis on populations in developing countries. To address discrepancies in access to resources, urbanization, and high illiteracy rates, a global risk approach is presented.


Copyright 2023 by Stella Jacqueline Versteeg and Athena Stefanatou. Short sections of text may be quoted, provided that full credit is given to the source.

Working Paper 11: Down a slippery slope: lack of trust, coercive power and business tax resistance in Greece, 1950-1988

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Author: Zoi Pittaki


Abstract: Over the second half of the 20th century, Greek governments failed to build a tax capacity vis-à-vis business income in line with its economic development. This paper aims to explain why the modernization of income and corporate taxation in the late 1950s met strong resistance in the business sector and failed to produce the expected revenue benefits. We show that a mutual lack of trust and the intensification of coercive power in tax enforcement degenerated into an antagonistic relationship between governments and the business sector. Our interpretation is framed into the “slippery slope” model, which combines insights from economics and other social sciences. Our qualitative analysis shows that the arguments publicly voiced by entrepreneurs reflected their perception of tax power as unfair, arbitrary and extractive. Using aggregate tax returns data, we find evidence of a systematic underreporting of taxable income both by unincorporated and incorporated businesses in the context of low growth and rising tax pressure of the 1970s and 1980s.


Copyright 2023 by Zoi Pittaki. Short sections of text may be quoted, provided that full credit is given to the source.

Working Paper 12: Fresh Evidence from Temperature Effects on Growth and Economic Policy Uncertainty: A Panel Quantile Approach

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Authors: Flora Leventis, Panagiotis Palaios


Abstract: This paper provides fresh evidence of temperature effects on GDP per capita growth and economic policy uncertainty (𝑒𝑝𝑢). We apply the quantile via moments methodology (Machado and Santos Silva, 2019) in a sample of 35 countries for the period 1980-2021, the most current time frame of the work we reviewed. To the best of our knowledge, temperature effects on 𝑒𝑝𝑢, in a panel quantile setting, have not been examined before. Our empirical results provide evidence in favor of asymmetric temperature impacts on both growth rates and 𝑒𝑝𝑢. Specifically, we find that: First, the impact of temperature and of its interaction with economic policy uncertainty on the growth rate is negative, quadratic, and more intense for poorer countries. Second, the combined temperature and policy uncertainty effect on growth rates is of greater magnitude compared to the simple temperature effect. Third, hotter countries are more vulnerable to economic policy uncertainty, with the effect being more pronounced as uncertainty increases.


Copyright 2023 by Flora Leventis and Panagiotis Palaios. Short sections of text may be quoted, provided that full credit is given to the source.