International Journal of Decision Sciences, Risk and Management (7 papers in press)
Job satisfaction determinants and assessment: the case of a Greek public agency under organisational change
by Efstratios Meimaridis, Christina Diakaki
Abstract: In 2017, the Single Agency for Social Insurance (EFKA) emerged in Greece via integrating the pre-existing independent insurance funds, with little, if any, involvement of the employees. As it is known that organisational changes may compromise job satisfaction and consequently organisational performance, it is beneficial for organisations to make efforts to ensure the satisfaction of employees, and the first step in this respect is understanding and assessing their job satisfaction. Within this context, it is the aim of the study presented herein to identify the satisfaction determinants of EFKA employees, assess their satisfaction levels and highlight job aspects calling for attention and/or improvement. To this end, a questionnaire survey was undertaken and data were analysed with statistical techniques and action diagrams. The results of the analyses indicated several job dimensions with contributions in overall satisfaction with most important and at the same time critical, the 'work tasks and development' dimension.
Keywords: job satisfaction determinants; job satisfaction assessment; organisational change; public sector; statistical analysis; action diagrams.
Capital controls: a tool to protect an economy under pressure? The cases of Cyprus, a Eurozone member, and Iceland
by Georgios Gad, Emmanuel Petrakis
Abstract: This paper considers the effectiveness of capital controls as a protective action. We analyse the recent cases of Iceland and Cyprus, and examine the extent to which the controls on free capital movement delivered the outcome that motivated their imposition in each country. The methodology used examines the main macro-economic indicators and attempts to locate significant variations pre- and post-capital controls. The results indicate that controls were only partially successful. In the case of Iceland, they did not manage to control the pressure over foreign exchange rate. In the case of Cyprus, controls achieved only partially control of outflows. Belonging to Eurozone was not proven to be a negative factor for measures success, as indicated in the case of Cyprus.
Keywords: capital controls; capital controls effectiveness; capital flows; financial crisis; Eurozone; Cyprus; Iceland.
Social media adoption among small and medium-sized Greek hotels: a survey about its antecedents and its impact on performance outcomes
by Maria Spita, Eirini Peitzika, Sofia Chatzi
Abstract: The use of social media in the hotel industry comprises a great challenge for marketing executives. The purpose of the study is to examine the use of social media (SM) among hotel firms, the role of organisational characteristics associated with a higher level of SM adoption, and the impact of SM adoption level on a hotels performance outcomes. Using a sample of 60 hotel companies located in Crete Island, Greece, we collected data through a structured questionnaire designed for hotel managers. The findings revealed that hotels are increasingly adopting social media. The results, also, indicated that the degree of previous experience and the satisfaction from the use of SM are highly related to SM adoption, while hotel size and hotel rating do not have a significant effect on social media adoption. Also, the adoption level of social media is an effective determinant of performance benefits. Managerial implications are being provided for tourism marketing and for hoteliers who want to adopt social media marketing tools.
Keywords: social media adoption; social media marketing; TOE; SMEs’ performance; hotel industry.
Incentive schemes for bank branch staff during deep recession: empirical evidence from Greece
by Georgios Koutsoukos, Anastasios Magoutas, Panos Chountalas
Abstract: Incentive schemes have been extensively used in the banking sector, though in the years following the world financial crisis a great deal of criticism has emerged, focusing mainly on their contribution to mis-selling and short-termism. This study attempts to explore the incentives field in the current Greek banking context which has been through a massive and arduous transformation in order to avoid collapsing. The questions posed refer to the purposefulness of an incentive scheme in the current Greek banking setting as well as to the design attributes of the optimal incentive scheme for such conditions. To this end, a survey to Greek bank branches employees was undertaken (N = 227), in order to examine their exposure as well as their attitudes towards incentive schemes. The data analysis suggested that an incentive scheme could still have a position in the Greek banks, even in times of deep recession, provided that it is appropriately designed in order to enhance performance and protect against the risk of mis-selling.
Keywords: incentive scheme; banking sector; branch staff; employee attitude; deep recession; Greece.
Demographic changes and public finance: evidence from Greece
by Kostas Karamanis, Alina Hyz
Abstract: The aim of this study is to analyse the impact of demographic changes on public finance in Greece during the period 2001-2018. This paper reports on an econometric model of three demographic variables (age dependency ratio, ageing ratio and fertility ratio) and five fiscal variables (debt to GDP ratio, total expenditure to GDP ratio, total revenue to GDP ratio, social benefits to GDP ratio, and the social contributions to GDP ratio). The main empirical evidence supported by other research studies suggests that there is a relationship between demographic changes and public finance. Considering the current situation of the demographic changes as well as the predictions, one can conclude that actions and reforms are needed to address the problems that arise from the ageing of the population in Greece.
Keywords: public finance; demographic changes; Greece.
Risk assessment of failure in high speed grinding of rotors during manufacturing process: a case study
by Jose Pereira, Marcelo Fragoso
Abstract: This paper discusses potential risks and typical scenarios pertaining to High Speed Grinding (HSG) of rotors. The grinding of rotors in the manufacturing and services industry is a very critical process. The correct selection and use of an adequate analysis method to identify risks and implement adequate responses is very important and can avoid part failure and costly accidents. As a methodological approach, subject experts identified the risk categories and the associated risk factors, which were used in fault tree analysis to estimate the probability of occurrence of each category of risks. In the sequence, the analytic hierarchy process was used to rank the relative importance (impact) of risk categories. The combination of probability and the impact revealed the most significant risks. The highest global risks are operator failure, uncorrected method and negative organisation factors. Risk responses are also suggested, making this study an invaluable source of information for rotor manufacturing and maintenance professionals, and for safety engineers concerned with the design, reliability, equality, production assurance and safety aspects of rotor manufacturing. The analysis put forward here may be very useful for decision makers in companies, in the sense that it augments their information and helps them to identify critical risks in rotor grinding. The identification and prioritisation of risk factors makes it easier to allocate resources to prevent rotor failure and improve product quality and ensure organisation sustainability.
Keywords: fault tree analysis; analytic hierarchy process; high speed grinding; rotors.
Greek milk price decomposition
by Fotios Symeonidis, Dikaios Tserkezos
Abstract: The aim of this paper is to analyse the Greek cow milk farm gate price, compare it with those of Germany and Ireland and make an out-of-sample forecast for the year 2017. For this purpose the milk price time series are modelled using the state space methods and they are decomposed into a trend and seasonal and cyclical components. The results show that there is an increase in the price fluctuations. The Greek milk price becomes more seasonal and cyclical while the duration of the cycles is relatively stable. Finally, conclusions are drawn about the connection of the cycles of the milk price time series and the milk production and quotas.
Keywords: milk price; state space model; forecasting; Kalman filter; cycle estimation; Greece.