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Summarization: Environmental policy measures to reduce greenhouse gases emission to mitigate climate change are common practice in many developed countries, encompassing both technology-push measures and demand-pull measures. The effectiveness of such policies continues to need investigation, especially when shortsighted measures lead to suboptimal investments in the absence of a credible government commitment. The aim of this paper is to assess the effectiveness of a comprehensive strategy for renewable energy sources in a dynamic stochastic general equilibrium model estimated for the Euro area using Bayesian estimation techniques, which includes carbon tax and subsidy measures. To this end, we compare the cost-effectiveness of technology-push measures and demand-pull measures. Our findings show that the environmental policy based on technology-push measures may produce better dynamic effects than demand-pull measures based on a subsidy policy of equal monetary amount. In fact, RES price parity is estimated to occur sooner by implementing technology-push measures than demand-pull measures. ; Παρουσιάστηκε στο: Renewable Energy

Summarization: Purpose This paper aims to present and assess the EU energy policies regarding their dependence on Information and Communication Technology (ICT) implications and the level of complexity of the applied ICT implications using the Technique for Order Preference by Similarity of Ideal Solution (TOPSIS) method. The used criteria have been retrieved from the official "ICT Implication Assessment method of EU Legislation". Design/methodology/approach The methodology approach deals with the ranking representation of EU energy policies according to the ICT exploitation. The data for the study were collected from the official website of the European Union (EU) (www.europa.eu). According to these data, the subtopics of the EU energy policies regard the internal energy market, the European energy policy, the energy efficiency, the nuclear energy, the security of energy supply, the external dimension, the enlargement and the renewable energy sources. The EU energy policies were assessed using the TOPSIS multicriteria analysis. The TOPSIS is widely used to solve real-world decision-making problems due to its characteristic to deal with different information types. Findings According to the results of the research, the EU energy policies achieve a good level of dependence on ICT implications and of complexity of the applied ICT implications but not the optimum. However, EU policy-makers should take into account the ICT factors while updating an existing one or while designing a new energy policy. The results of this research can provide an overview of the current situation regarding the current legislation while moving toward a sustainable eEurope. There is a need for stronger incubation efforts for a wide range of innovations to be ready in due time. Originality/value This is the first time that EU energy policies are presented and assessed regarding their dependence on ICT implications and the level of complexity of the applied ICT implications using the TOPSIS method. ; Presented on: Management Decision

Summarization: Many researchers have tried to model the human behavior in stock markets. Because stock markets are influenced by many economical, political and psychological factors, it is very difficult to forecast the future stock prices. However, it is impossible to develop a precise mathematical model that can predict crisp numerical values of the stock prices. This is due to uncertainties involved in these parameters, the uncertain behavior of the factors, and tolerances. The potential of fuzzy logic in developing a model for characterization by approximate reasoning really lies here. This paper presents a modest attempt to catch rather the turning points of stock prices by using the Fuzzy Inference System (FIS) rather than the absolute prices. The methodology consists of two steps: (1) developing the basic model using special data to train the model and (2) validating the basic model by using the special and raw stock exchange data. The results have indicated that the fuzzy inference system provides a prudent way to capture uncertainty (non-statistical) in relationships among parameters that control the turning points of the stock prices. The novelty of this article is the selected data used for training the model. Each sample of data includes four values that correspond to the stock prices of four continued sessions. These data samples are then divided into the training and checking data. In the evaluation phase, unseen data are presented in the model in order to forecast the turning point of the stock. ; Παρουσιάστηκε στο: International Journal of Engineering and Management

Summarization: The Internal Audit Department (IAD) provides management with sufficient information to determine whether operations are functioning efficiently, effectively and according to management's goals. The paper attempts to investigate how a well organised IAD in the Greek hotel industry results in lower operating costs and higher quality of services offered. To this context, the research is based on qualitative data derived through questionnaires addressed towards 28 large luxury hotel units (HUs) in Greece. According to up-to-date theoretical and empirical literature, the results point out that the internal control is a crucial function in the firm and especially in the hotel industry, contributing to both the good reputation and the effectiveness of an HU. The findings suggest that there is a significant relationship between HUs size and efficiency and size of the audit department. Large hotels with well organised IADs are found to face lower risks in terms of false information and non-compliance with existing rules and legislation than HUs of smaller size. ; Presented on: International Journal of Business Performance Management

Summarization: Competitiveness constitutes a primary goal of each country for the accomplishment of its economic and technological targets. The evaluation of competitiveness is considered as a major problem that has risen during the last years due to the globalization and the rapid changes in the socio-economic and technological environment. Therefore, it is interesting to investigate the economic and technological aspects of the competitiveness of the European countries. The present study uses a sample of 14 countries-members of the European Union, as well as United States and Japan for comparison reasons. Taking into consideration several technological and economic indicators and using data from a recent study of the European Committee, this paper presents the evaluation of the competitiveness of the countries using a multicriteria ranking methodology (the PROMETHEE II method). The results of this paper contribute to the determination of the most and least competitive as well as technologically developed countries. ; Παρουσιάστηκε στο: Journal of Economic Integration

Summarization: The goal of this paper is to build an operational model for evaluating the financial viability of local municipalities in Greece. For this purpose, a multicriteria methodology is implemented combining a simulation analysis approach (stochastic multicriteria acceptability analysis) with a disaggregation technique. In particular, an evaluation model is developed on the basis of accrual financial data from 360 Greek municipalities for 2007. A set of customized to the local government context financial ratios is defined that rate municipalities and distinguish those with good financial condition from those experiencing financial problems. The model's results are analyzed on the 2007 data as well as on a subsample of 100 local governments in 2009. The model succeeded in correctly classifying distressed municipalities according to a benchmark set by the central government in 2010. Such a model and methodology could be particularly useful for performance assessment in the context of several European Union countries that have a similar local government framework to the Greek one and apply accrual accounting techniques. ; Presented on: European Journal of Operational Research

Summarization: The continuous growth of hospital costs has driven governments in many countries to seek ways to improve their efficiency. In Greece, this has consistently been a major issue for almost two decades, as efficiency assessment and monitoring systems are lacking. In response to this need, the evaluation of the National Health System hospitals' efficiency level is a precondition for planning, implementing and monitoring any promising reform. In this paper, a non-parametric modeling approach is employed to assess and analyze the efficiency of 87 Greek public hospitals over the period 2005–2009, using data envelopment analysis. The operational and economic aspects of the hospitals' operation are considered on the basis of their service/case mix and cost structure. We also investigate the efficiency trends over time with the Malmquist index and a second stage regression analysis is performed to explain the operational and economic efficiency results in terms of the hospitals' operating characteristics and the environment in which they operate. ; Presented on: Annals of Operations Research

Summarization: Environmental sustainability has become a major goal of public policies throughout the world, as environmental resources are continually eliminated. Climate change mitigation involves decarbonizing electricity generation as the most important energy system-wide change, with a vital role for energy efficiency. The utilization and development of Renewable Energy Sources (RES) constitutes the most critical measure to safeguard energy security, strengthen environmental protection, and tackle climate change. RES are favored as a means of reducing the use of fossil fuels. The market of RES is continuously developing and promoted through the Internet. Renewable energy is, by definition, sustainable and clean. Moreover, the market of RES offers the opportunity to tackle the increasing depletion of fossil resources and the associated environmental impacts. The paper aims to present RES and study the energy policy in EU and Greece. Furthermore, the status of the renewable energy market in Greece and especially in the Prefecture of Thessaloniki is presented. The Internet research retrieved 30 enterprises that promote renewable energy in the Prefecture of Thessaloniki, which were analyzed according to 18 characteristics representing internet adoption. The multicriteria method used for total ranking is PROMETHEE II. According to PROMETHEE II findings, the 'superior' websites can be used to form a conceptual content model while designing an enhanced website for a RES enterprise. The results show that these enterprises in the Prefecture of Thessaloniki must adjust to the new 'information era' and aim to become more effective and efficient while creating their autonomous website. Furthermore, most enterprises with their own websites in this sector are generally still in the initial adoption phase and they should further mature in the next phases of e-commerce adoption. ; Presented on: Technological Forecasting and Social Change

Summarization: The aim of this study is to develop and implement a methodology for the evaluation of tourism performance of some Mediterranean countries. In this paper, the multicriteria method PROMETHEE II, based on outranking relations, will be used to evaluate ten Mediterranean countries, namely Portugal, Spain, Italy, Malta, Greece, Turkey, Cyprus, Egypt, Tunisia and Morocco. For the above mentioned evaluation, 13 different criteria will be examined. These criteria contain both qualitative and quantitative information. The analysis effects of an overall ranking of the examined countries will be provided by classifying the strong and weak points of each country. Assessment of the analysis results is important in order to assist professionals in the tourism sector to make recommendations concerning marketing strategies and government policies. The study will come up with remarks about the direction of future research. ; Presented on: International Journal of Information and Decision Sciences

Summarization: All UK companies are required by company law to prepare financial statements that must comply with law and accounting standards. With the exception of very small companies, financial accounts must then be audited by UK registered auditors who must express an opinion on whether these statements are free from material misstatements, and have been prepared in accordance with legislation and relevant accounting standards (unqualified opinion) or not (qualified opinion). The objective of the present study is to explore the potentials of developing multicriteria decision aid models for reproducing, as accurately as possible, the auditors' opinion on the financial statements of the firms. A sample of 625 company audited years with qualified statements and 625 ones with unqualified financial statements over the period 1998–2003 from 823 manufacturing private and public companies is being used in contrast to most of the previous works in the UK that have mainly focused on very small or very large public companies. Furthermore, the models are being developed and tested using the walk-forward approach as opposed to previous studies that employ simple holdout tests or resampling techniques. Discriminant analysis and logit analysis are also used for comparison purposes. The out-of-time and out-of-sample testing results indicate that the two multicriteria decision aid techniques achieve almost equal classification accuracies and are both more efficient than discriminant and logit analysis. ; Presented on: European Journal of Operational Research

Summarization: The increasing concentration of populations in urban areas in recent decades has strengthened the interest in – and the importance given to – these zones. Cities have become quite attractive from investors' point of view because of the wide array of opportunities and growing need for investment in urban areas. Thus, city strategic planning quite often requires an understanding of the determinants that attract investment to urban zones. This study sought to identify the factors that strengthen urban investment based on the knowledge of a panel of experts. Fuzzy cognitive mapping techniques were applied to understand the concepts and decision criteria included in the decision-support model and their cause-and-effect relationships. The results provide insights into which determinants most strongly influence urban investment, namely, infrastructure, supporting services, and political-administrative factors. Diverse scenarios at the intra- and inter-cluster levels were created to clarify the impacts of variable changes on the model developed. The findings were validated by both the expert panel members and the vice-president of the Portuguese Association of Real Estate Developers and Investors. Advantages and limitations of the proposed framework are presented, as well as recommendations for future research. ; Presented on: International Journal of Strategic Property Management

Summarization: The financial health of local governments has attracted considerable interest over the past couple of decades. In this study, we follow a benchmarking perspective and introduce a multi-attribute financial evaluation model that allows peer assessments to be made, including comparisons over time, while differentiating between managerial performance and the effect of the external environment. The model is applied to a large database involving the entire population of French municipalities over the period 2000–2012 to assess how the reforms implemented over the past decade (taxation and decentralization) have affected the financial performance of local governments in France. The findings are of particular interest to both the academia and policymakers including local public authorities and central governments. ; Presented on: European Journal of Operational Research

Summarization: In this paper we investigate the application of a methodology based on fuzzy-sets theory to the selection of an optimal portfolio of Greek government bonds. Investors' goals for the different bond market scenarios are formulated in fuzzy qualitative terms, while a model of fuzzy mathematical programming is used for the specification of the portfolio that optimally meets the given goals. The reliability of the results obtained with this methodology is checked with the aid of simulation. ; Παρουσιάστηκε στο: Fuzzy Economic Review

Summarization: This study evaluates the energy efficiency trends of five energy-intensive industries in 23 European Union (EU) countries over the period 2000–2009. In particular, the performance of the construction, electricity, manufacturing, mining and quarrying, and transport sectors is examined. The analysis is based on Data Envelopment Analysis (DEA) combined with the Malmquist Productivity Index (MPI), which allows for distinctions between efficiency and technology changes over time. At the second stage of the analysis, cross-classified multilevel modelling is applied to analyse the main drivers behind efficiency performance using a number of sector and country characteristics. Based on DEA results, an overall improvement in efficiency is observed in all sectors over the period. The decomposition of the MPI indicates that technology change is primarily responsible for the improvements achieved in most sectors. The results obtained by the cross-classified model show, among other things, that the high electricity prices, energy taxes, and market share of the largest generator in the electricity market have a negative effect on industrial energy efficiency. ; Presented on: Energy Policy

Summarization: Football in Greece, as well as in whole world, exceeds the limits of simply the most commercial and widespread sport, becoming additionally a major issue in the political agenda. This can easily become understood, observing the impact of crucial football events (Mundial, Euro Cup, Champion's League etc.) in world level. Besides the above events, each football league attracts the interest of people, media and politicians. Many studies have been done in this field, focusing mostly on the efficiency of football clubs, especially in countries such as England, Spain and Germany. The aim of this paper is to examine the performance of Greek football clubs competing in the Superleague for the period 2012–2014, regarding three different aspects (financial, commercial and sport). Our study differentiates from similar studies in the following points: (a) three different dimensions are examined in order to obtain a global view of football clubs, (b) the sample regards Greek Superleague teams, a regional and not so wealthy championship compared to other Europeans, and (c) the aim is to rank the teams, accordance to these aspects and not identify the efficient and not efficient teams. A well-known and established multiple-criteria decision making method (PROMETHEE II) is used, which has been found appropriate in several topics regarding ranking problems. In order our results to be meaningful, a decision maker assisted in the selection of the most influential factors in football clubs evaluation. The results partly verify earlier studies, since football clubs, with a few exceptions and surprises, were found financially imbalanced, with strong profitability, solvency and liquidity problems. The dependence of Greek Superleague on television rights and the basic sponsorship of OPAP (state betting company) is highly conspicuous amid the wider and much discussed European economic crisis in the field of football. Development trends via proposals of specific economic and social activities are listed, in response to the ...