International Journal of Decision Sciences, Risk and Management (6 papers in press)
Exploring the resilience of crude oil markets via nonlinear dynamics and wavelet-based analysis: an international experience
by Emmanuel Senyo Fianu
Abstract: This paper investigates a signal modality analysis for the characterisation and detection of nonlinearity in crude oil markets. Given the nonlinear and time-varying characteristics of international crude oil prices, this study employs the recently proposed delay vector variance (DVV) method, which examines local predictability of a signal in the phase space to detect the determinism and nonlinearity in a time series. In addition, wavelet transforms, which have recently emerged as a mathematical tool for multiresolution decomposition of signals, are used. In particular, a complex Morlet wavelet is used to detect the various phases of oil prices through the trajectory of market developments. The findings of this paper highlight the significant phases of the series and its relation to realworld phenomena, with an indication of early warning signals of future significant events, thereby providing a guide for proper decision making and risk management practices of market participants.
Keywords: crude oil prices; delay vector variance; nonlinearity; surrogates; wavelet analysis; risk management.
Application of fuzzy analytic hierarchy process for development of risk index for elevated corridor metro rail project in western India
by Debasis Sarkar, Manvinder Singh, H.B. Raghavendra
Abstract: Construction of elevated corridor metro rail projects involves activities such as piling works, pier construction, segment casting, segment transportation, segment erection with launching girder, and pre-stressing operations for joining the segments, which are risky in nature and need to be implemented very carefully. This paper is an attempt to develop a risk index for the elevated corridor for metro rail construction project in western India. The risk index is developed by application of the fuzzy analytic hierarchy process to the quality parameters associated with the piling works, pier construction, segment casting, transportation and erection. This risk index would help the project authorities to identify the most risky activities and plan the suitable risk mitigation measures accordingly. This would help the project to be completed successfully within the stipulated time and cost frame. The risk index developed would act as a guide for developing risk management strategies for any future metro rail construction projects.
Keywords: fuzzy analytic hierarchy process; risk index; elevated corridor; metro rail project.
Special Issue on: HOU MBA Programme Business Administration
Strategic management in times of crisis: the case of marble enterprises in the prefecture of Drama, Greece.
by Maria Tsertsi, George Zobolas
Abstract: Every enterprise, consciously or not, in an explicit form or otherwise, follows a strategy. The main purpose of this paper is to provide a clear insight as to whether and which kind of strategies have been applied by the marble enterprises operating in the prefecture of Drama, Greece, in order for them to cope with the crises (global and national) that have emerged in recent years. The structure of the marble industry of Drama is outlined in terms of the economic sector of activity and legal form. Covering a six-year period (from 2008 to 2013) of data relating to commercial (i.e. exporting, for the greater part) activities for key Drama enterprises in conjunction with the views of specially selected leaders of the local industry, an attempt has been made to verify the existence of and, in continuation, to recognise the main competitive advantage of, the said industry. The extent to which strategic management principles have been or are being applied by the above companies in regard to their international expansion, as well as coping with the global and national crises, is defined, and the undertaken strategies are evaluated as to their degree of fit in the industry and their contribution to the overall efficiency of the companies.
Keywords: strategic management; marble companies management; marble enterprises management; Drama marble enterprises; Drama marble companies; Greece marble enterprises; Greece marble companies.
The role of China in the global shipping industry, with emphasis on the dry bulk market
by Georgia Kompougia, Dimitrios Kyrkilis
Abstract: This paper examines the role of China in the development of the global maritime industry, focusing on the dry bulk market. The gradual reforms of the Chinese economy, starting from the late 70s until the countrys accession to the World Trade Organization in 2001, triggered an unprecedented growth of all sectors of the shipping industry, with the dry bulk sector being at the epicentre of the trading boom. China became one of the main driving forces of the demand and supply of ship transportation. An econometric model has been developed to test the validity of the theoretical analysis. Through a multiple regression model, a series of Chinese economy-related variables, potential drivers of the demand and supply of ship transportation, have been estimated as to their effect on the dry bulk market earnings using the OLS technique. Six of these factors, including the Chinese industrial production growth, the Chinese dry bulk seaborne imports, the Chinese-owned dry bulk fleet, and the Chinese shipyards output, are proved to be statistically significant determinants of the dry bulk vessels earnings. The evaluation of the regression results provides sufficient comfort in relation to the validity of the conclusions.
Keywords: China; shipping; dry bulk market; ship transportation; multiple regression.
Greek public airports efficiency assessment using DEA modelling: factors influencing efficiency and economic recession environment (2009-2014) implications
by Athanasios Kasioras
Abstract: Airports are an essential part of the air transport system. The Greek airport network is mainly a public organisational system, with the most important part of it currently transformed into a privately operated subsystem. The present work aims to provide an efficiency assessment of Greek Public Airports, operated by the Hellenic Civil Aviation Authority (HCAA) for the years 2009-2014. The technical efficiency is estimated in a relative manner using the non-parametric method of Data Envelopment Analysis (DEA), establishing which airports operate relative efficiently and which are inefficient. Airports are assessed as uniform production and decision making units and additionally with respect to the two well recognised and defined processes, airside and landside. Particular emphasis is given to the relative importance of inputs and outputs, whilst focusing in the efficiency improvement through output maximisation efforts.
Keywords: airport; aviation; Greece; data envelopment analysis; decision making unit; technical efficiency; airside efficiency; landside efficiency.
Motivation and job satisfaction: the case of call centres in Greece
by Grigorios Despoteris, Barbara Myloni
Abstract: The purpose of this research is to describe the current level of job satisfaction and the factors that lead to it from the perspective of call centre employees in Greece, using Herzberg's Two-Factor Theory as the primary theoretical framework. Specifically, it determines the overall degree of job satisfaction among call centre employees, presents the level of motivators - hygiene factors provided by call centre companies and finally describes the relationship between motivators - hygiene factors and job satisfaction. Given the virtual absence of research on job satisfaction and motivation in call centres in Greece, this paper aims to fill this gap. In addition to the theoretical importance, this research has practical relevance. In a stressful working environment such as a call centre, identifying the factors that contribute to job satisfaction can help companies to achieve higher productivity and lower staff turnover, and simultaneously satisfy their employees.
Keywords: motivation; job satisfaction; call centres; motivators; hygiene factors; intrinsic motivation; extrinsic motivation.