Τμήμα Οικονομικών Επιστημών (ΜΔΕ)

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Open Access
A two stage DEA model for measuring European regions’ innovative performance
Μαρκογιαννάκης, Χρυσοβαλάντης; Κουνετάς, Κωνσταντίνος; Τζαγκαράκης, Μανώλης; Τσεκούρας, Κωνσταντίνος; Markogiannakis, Chrysovalantis
Τμήμα Οικονομικών Επιστημών (ΜΔΕ)
In this dissertation we follow the methodological approach of measuring the European regions’ innovative performance in two stages. The present framework calculates the innovative behaviour of the European regions using the methodology of data envelopment analysis (DEA) in order to track down regions’ efficiencies. For this purpose, 232 European regions are being tested in a fourteen year time-span, from 2002 to 2015. Empirical results show that regions from France, Germany, United Kingdom and Spain take the best spots. In addition, the average efficiency of the innovative behaviour of the European regions shows improvement through the passage of time.
Open Access
An analysis of blockchain transactions in bitcoin
Θεοχάρης, Σταύρος; Τσαγκαράκης, Μανώλης; Ζερβογιάννη, Αθηνά; Γιαννακόπουλος, Νικόλαος; Theocharis, Stavros
Τμήμα Οικονομικών Επιστημών (ΜΔΕ)
With the term "cryptocurrency" are referenced digital means of exchange based on cryptography in order to secure ownership, transactions and the creation of new units of currency. Today, there are more than 500 different cryptocurrencies. Bitcoin is the first that came in circulation and the most widely accepted of these digital currencies. It has since received extensive public attention due to its large transaction volumes and its price volatility. The way in which Bitcoin operates, relies on an open-source algorithm, in order to verify every single transaction that takes place in the network. The decentralized Bitcoin network integrates all verified transactions in a public ledger (Blockchain). The main scope of this dissertation is the quantitative analysis of all those transactions included in the Blockchain so that useful conclusions can be drawn about the use of this new payment system. Metcalfe’s and Zipf’s laws are also tested. Bitcoin market capitalization in USD is evaluated in this case, as a factor that determines the value of the network. Most of the data used in this research are data directly collected from the Blockchain. The source for market capitalization data and Bitcoin price data is coindesk.com. All the data are daily from 3/9/2009 (genesis block of Blockchain) until 5/5/2017.
Open Access
An estimation of technical and energy : an application to European industries
Κανελλάκη, Ευφροσύνη; Κουνέτας, Κωνσταντίνος; Κουνετάς, Κωνσταντίνος; Τζελέπης, Δημήτριος; Τζαγκαράκης, Μανώλης; Kanellaki, Efrosini
Τμήμα Οικονομικών Επιστημών (ΜΔΕ)
Improved energy and environmental efficiency is a key concern of the European Union for the reduction of emissions, improving energy security and economic development. The aim of this thesis is the calculation at sectoral level three different performance measures. The first relates to the technical efficiency, the second environmental effectiveness and the third energy efficiency. In a second step, using statistical techniques will be a descriptive analysis of praying and then identified and presented possible links between such measures. The measurement of environmental efficiency and the identification of its determinants are important in order to evaluate existing environmental policies and design new policies. Since the end of the 1980s, a large and growing literature has developed on the application of frontier techniques - particularly Data Envelopment Analysis (DEA) and Stochastic Frontier Analysis (SFA) - to measuring environmental efficiency. Energy efficiency measures reduce the energy needed to produce the same quantity of goods and services or increase the output whilst keeping energy consumption constant. In addition to this direct contribution to improved competitiveness, energy efficiency measures provide indirect or ‘non-energy benefits’ that can increase the level of productivity. Both direct and indirect energy efficiency benefits therefore affect competitiveness. A commonly used measure in this context is the energy intensity of an economy which measures the energy consumption of an economy and its energy efficiency; it is the ratio between gross inland consumption of energy and gross domestic product. For this thesis will be used panel data. The research part, preceded by the theoretical foundation of the measures and the review of the existing literature.
Open Access
An evaluation of volatility index VIX in the case of cryptocurrency
Γούπιου, Χρυσούλα; Τζαγκαράκης, Εμμανουήλ; Βενέτης, Ιωάννης; Κουνετάς, Κωνσταντίνος; Goupiou, Chrysoula
Τμήμα Οικονομικών Επιστημών (ΜΔΕ)
In this dissertation we examine the parameters affecting on Bitcoin’s market price, such as number of transactions in blockchain, Volatility Index (VIX) of S&P 500 stock market, the amount of unique addresses and accounts in blockchain or market capitalization. With data of three full years (January 1st, 2014 till December 31st, 2017) and by linear stepwise regressions, results have shown that except market capitalization, which includes the market price, all other parameters does not affect significant on market price of Bitcoin, especially volatility index.
Open Access
Analysis of european regional productivity under a technology heterogeneity regime
Στεργίου, Ειρήνη; Κουνετάς, Κωνσταντίνος; Κουνετάς, Κωνσταντίνος; Γιαννακόπουλος, Νικόλαος; Τζαγκαράκης, Μανώλης; Stergiou, Eirini
Τμήμα Οικονομικών Επιστημών (ΜΔΕ)
In this dissertation, we examine an alternative framework for the decomposition of malmquist productivity index by using the notion of a metafrontier.By using the specific approach of the metafrontier malmquist productivity index,it is used the concept of technical efficiency changes,as well as technical changes for economies that operate under different technologies.We also compute the technlogical gap and its change for regions that operate under different technologies.This approach is addressed to the analysis of a panel data on 261 European regions over a period of 22 years from 1990 to 2011.The empirical results show that although Bulgarian regions embarked on moving towards their country's frontier technology,UK's regions are those who have taken the lead in the European frontier technology.
Open Access
Analysis of top R&D investors performance under a technology heterogeneity regime
Κατσιγιάννη, Χαρά; Κουνετάς, Κωνσταντίνος; Τσεκούρας, Κωνσταντίνος; Σκούρας, Δημήτρης; Katsigianni, Chara
Τμήμα Οικονομικών Επιστημών (ΜΔΕ)
This dissertation investigates the impact of corporate research and development (R\&D) activities on firms' performance. A parametric technique of a stochastic frontier will be used based on a production function that also takes into account the impact of R\&D activities. In this context, this study quantifies the technical inefficiencies of individual firms. The original of this dissertation refers to the adoption of meta-technology as a regime that allows the analysis of productivity taking into account the heterogeneity resulting from the existence of the different industries.
Open Access
Anywhere, anytime... it's about all customers! The omnichannel approach for an advanced shopping experience
Κασπίρης, Μάριος; Τζελέπης, Δημήτριος; Τζαγκαράκης, Μανώλης; Κουνέτας, Κωνσταντίνος; Kaspiris, Marios
Τμήμα Οικονομικών Επιστημών (ΜΔΕ)
Connected consumers want to be able to buy anytime, anywhere. Connected consumers are driving a revolution in retailing. With access to a range of new technologies and a wide variety of online resources, these connected consumers are using multiple sources of product information when shopping, including in-store displays, retailer websites, online review sites, online marketplaces and social media. By engaging across different channels consumers can research and shop at their convenience, anytime, anywhere. Omnichannel retailing responds to this trend, by seeking to provide a flexible and seamless shopping experience regardless of whether the customer walks into a store, browses the web, or orders via a mobile phone. By being broadly present across channels and enabling each channel to serve the customer at any point through the purchase journey, retailers can raise brand awareness, drive loyalty and ultimately value.These trends have the potential to enable new purchases where the product or service desired was otherwise not available to the consumer or new opportunities for retailers, by enabling each channel to serve consumers at any point of their shopping journey. However, increased choice, information and convenience also increase competition.
Open Access
Aspect-oriented sentiment analysis
Φρούντζος, Χρήστος; Frountzos, Christos
Τμήμα Οικονομικών Επιστημών (ΜΔΕ)
This dissertation examines the application of the method of Aspect-Oriented Sentiment Analysis in the field of shared economy. The importance of this study arises from the significance of the concept of trust in the area of shared economy. Since a service in sharing economy is not provided by an official body or business but rather by individuals, the only means to secure future users is the experience of the previous ones, as expressed through the reviews and comments they leave on the corresponding platform. Consequently, such an environment provides the ideal conditions for Sentiment Analysis, which can contribute to maximum safety and quality of use to the users. More specifically, this paper uses user reviews of the Airbnb property rental platform to determine their emotional attitude towards the properties where they stayed, i.e. whether they were happy or not with their stay there. Their emotional attitude is considered not only as a whole, but also in terms of a number of pre-defined aspects regarding the services provided. In order to determine this attitude, a process of non-supervised machine learning is followed, which focuses on the definition of individual aspects of sentiment assessment as well as their evaluation.
Open Access
Assortative mating and marriage market in Greece
Κολοβού, Νίκη; Νταούλη, Ιωάννα; Γιαννακόπουλος, Νίκος; Ντεμούσης, Μιχαήλ; Kolovou, Niki
Τμήμα Οικονομικών Επιστημών (ΜΔΕ)
Στόχος της παρούσας διπλωματικής εργασίας είναι η διερεύνηση της αγοράς γάμου στην Ελλάδα και της αντιστοίχισης των ζευγαριών που αποφασίζουν να παντρευτούν με βάση κοινά χαρακτηριστικά. Υποθέτοντας ότι η ταξινόμηση κατά τη διαδικασία της αναζήτησης ταιριού βασίζεται στο μορφωτικό επίπεδο και την ηλικία των εν-δυνάμει συζύγων θα διευρευνήσουμε τους παράγοντες που διαδραματίζουν σημαντικό ρόλο στην αποτελεσματική αντιστοίχιση εντός του γάμου. Για τους σκοπούς της ανάλυσης μας χρησιμοποιούμε ιστορικά δεδομένα για την αγορά γάμου στην Ελλάδα καθώς και ατομικά στοιχεία από το Δελτίο Γάμου για τα έτη 2004 και 2012. Πιο συγκεκριμένα εφαρμόστηκαν υποδείγματα για την πιθανότητα οι σύζυγοι να έχουν το ίδιο επίπεδο μόρφωσης, η ηλικία της νύφης στο γάμο να υπερβαίνει την ηλικία του γαμπρού στο γάμο κατά 5 έτη (toy-boy) και ο τύπος του γάμου να είναι πολιτικός ή θρησκευτικός. Χρησιμοποιώντας μια ευρεία δέσμη κοινωνικο-οικονομικών δεδομένων σε ατομικό και γεωγραφικό επίπεδο διαπιστώσαμε ότι όλες οι παραπάνω εξαρτημένες μεταβλητές χαρακτηρίζονται από σημαντικό βαθμό ετερογένειας. Το γεγονός αυτό υποδηλώνει ότι οι σχετικές με το γάμο αποφάσεις συσχετίζονται σημαντικά με τις παραπάνω ερμηνευτικές μεταβλητές. Ως εκ τούτου, τα αποτελέσματα της παρούσας ανάλυσης αναδεικνύουν τις διαφορετικές πτυχές της κοινωνικο-οικονομικής ανισότητας που σχετίζονται με το γάμο.
Open Access
Awareness of the terms "biodiversity" and "Natura 2000 network" among European citizens : implications for biodiversity policy
Κόκκορης, Ιωάννης; Γιαννακόπουλος, Νικόλαος; Δημόπουλος, Παναγιώτης; Κουνετάς, Κωνσταντίνος; Kokkoris, Ioannis
Τμήμα Οικονομικών Επιστημών (ΜΔΕ)
The latest Eurobarometer Report on Attitudes of Europeans towards biodiversity provides, among other, an overview of the awareness status of the terms “Biodiversity” and “Natura 2000 network” across all 28 Member States. This survey revealed that almost 3 out of ten respondents have never heard of the term “Biodiversity” and 7 out 10 respondents have never heard of the term “Natura 2000 network”, the most extensive green infrastructure and the core of EU’s conservation policy. This is a significant issue because awareness and recognition are the first steps leading to participation and engagement. In this study we make use of Eurobarometer data which provide the opportunity for applying elaborate statistical methodology. We examine the statistical and conceptual validity of a multilevel data structure and apply multilevel ordinal logistic regression in order to describe the data and classify and project respondents to various categories of “awareness”. The results of this study provide insight to the drivers behind low awareness and the factors influencing intra-country and intra-regional variation; it reveals that if policy does not drastically alter the quality and quantity of “awareness”, response will be low and biased. These results are useful for designing a new strategy for approaching the citizen, raising awareness and, finally, engaging the “Biodiversity and Natura 2000” aware citizen into participatory planning actions, especially in view of the upcoming, new EU Biodiversity Strategy.
Open Access
Bank performance in Middle East
Colesnic, Olga; Κουνετάς, Κωνσταντίνος; Βενέτης, Ιωάννης; Τζαγκαράκης, Μανώλης; Κολἐσνικ, Ολγα
Τμήμα Οικονομικών Επιστημών (ΜΔΕ)
The aim of at the hand dissertation is two-fold. Firstly, it attempts to analyse the effect of risk on bank's efficiency levels. Secondly, it seeks to determine the influence of bank size taking into consideration the possible inefficiency originated to risk abatement cost. The accomplishment of the study's intentions relay on DEA estimations of efficiency, resulted from an output orientated directional distance function with weak and strong disposability of nonperforming loans calculated with respect to both heterogenous and homogenous technologies. The methodology has been applied on a panel data of Middle East banks over the time period between 1998 and 2014. The results suggest that on average small banks are more efficient and their size have less negative impact on their technical efficiency and risk management. On the other hand, large banks' risk management is found to be more flexible during financial crisis. However, banks with higher fixed assets tare associated with more costly dispose of non performing loans. This observation may provide an explanation for the rejection of positive relation between bank size and technical efficiency.
Open Access
Big data in accounting
Σωτηροπούλου, Βιργινία Ααθανασία; Τζελέπης, Δημήτριος; Τζελέπης, Δημήτριος; Κουνετάς, Κωνσταντίνος; Τζαγκαράκης, Εμμανουήλ; Sotiropoulou, Virginia Athanasia
Τμήμα Οικονομικών Επιστημών (ΜΔΕ)
In this dissertation we try to examine the relationship between Big data and accounting. In order to reveal this relationship, we initially refer to the changes in accounting due to the increased volume of information that has occurred because of the progress of communication and IT systems during the last two or three decades. These radical changes have also affected the accounting standards. Additionally, the integration of Big Data in accounting curriculum has an important impact in auditing. Specifically, the data sources have changed both in accounting and auditing. The quantity and the quality of the information are totally different because of Big Data. The processing did not remain the same, as the accounting and auditing processing methods have evolved technologically (hardware and software). The progress in accounting and auditing was also achieved by quantitative modeling taking into account the following models: A) model of financial distress, B) model of financial fraud and C) model of stock market prediction and quantitative modelling. Then, the dissertation examines four very significant case studies that demonstrate the way that the «Big 4 Accounting firms» use Big Data in auditing and consequently in accounting. The first case study is about Deloitte Touche Tohmatsu Limited which is the biggest firm from the «Big 4 Accounting firms» and it provides tax, consulting, audit and assurance, mergers and acquisitions and private company services as well as risk and financial advisory services. This firm deals with a great volume of data and it uses modern processing systems. The second firm examined is PricewaterhouseCoopers (PwC) which also has a leading role in accounting by providing audit and assurance, consulting and tax services as well as services for private companies. It also deals with board governance and risk assurance issues. It is a giant company with international status. Ernst &Young Limited (EY) is the third case study. Its scope of accounting activities includes: advisory, assurance and tax services and as a result it demonstrates great scientific interest. Last but not least, it is the forth from the «Big 4 Accounting firms», Klynveld Peat Marwick Goerdeler LLP (KPMG). The firm harnesses huge amounts of data from various sources and innovative methods of data processing. KPMG (as the above mentioned companies) uses Big Data in accounting in order to gain useful insights and to improve its audit, advisory and tax activities.
Open Access
Business analytics and firm performance
Γκολφινόπουλος, Βασίλης; Golfinopoulos, Vasilis
Τμήμα Οικονομικών Επιστημών (ΜΔΕ)
Businesses operate in a world that is constantly changing. Day after day markets are internationalized, technology is evolving, free trade is expanding, the economy has its ups and downs and companies are trying to conform to the conditions. Ever - Increasing business competition call for even more direct and advanced information and efficient data analysis. These requirements challenge performance management to effectively contribute to the decision making process. Business analytics is an emerging area that can eventually broaden the field of performance management to provide a better understanding of business dynamics and result to an updated decision making. The purpose of the proposed study is to introduce performance management analytics as a potential extension of performance management research and practice. The essay will clarify the possible application fields of business analytics and their advantages within the context of performance management.
Restricted
Business intelligence and analytics : the mechanism of business value creation
Καρβελάς, Άρης; Τζελέπης, Δημήτριος; Κουνετάς, Κωνσταντίνος; Τζαγκαράκης, Εμμανουήλ; Karvelas, Aris
Τμήμα Οικονομικών Επιστημών (ΜΔΕ)
Business intelligence and analytics (BI&A) has emerged as an important area of study for both practitioners and researchers, reflecting the magnitude and impact of data-related problems to be solved in contemporary business organizations. Τhe proposed study first will provide a framework that identifies the evolution, applications, and emerging research areas of BI&A (BI&A 1.0, BI&A 2.0, and BI&A 3.0 will be defined and described in terms of their key characteristics and capabilities). Secondly, the study will try to explain how business intelligence and analytics investments create business value by identifying elements of analytics technology assets and business analytics capability as part of a mechanism of business value creation.
Open Access
Challenges & opportunities for SMEs in times of crises
(2022-09-30) Παναγόπουλος, Γεώργιος; Panagopoulos, Georgios
Τμήμα Οικονομικών Επιστημών (ΜΔΕ)
In this master’s thesis we are going to have a deep learning of the small and medium sized enterprises which are a varied group of companies that often work in the service, retail, manufacturing, and commercial sectors of the economy. Furthermore, there are some crises which are present in the current thesis like the crisis that derived during the infectious Corona virus initially surfaced in the Chinese city of Wuhan (Wuhan) around the end of 2019, the Russian invasion in Ukraine after they annexed Crimea and install their own president while Ukraine invades Russia to drive out their government in 2022 and }nally the Global Financial Crisis which started in the summer of 2007 when American Home Investment Corp. }led for bankruptcy. The crises mentioned before, as well as the Great Recession of 2008, are examined in depth in order to }nd out the effects that had on the European SMEs and as it seemed there were a lot of outcomes that are interesting to mention. For instance, SMEs have encountered supply-side logistical issues as a result of hiccups in the transportation system and a lack of laborers. Lockdown measures, a loss in consumer con}dence, and the closure of many GVCs have all contributed to a major drop in demand for SMEs. Due to continued }nancial concerns from the crisis and the need to retrain employees, several SMEs may }nd it challenging to carry out digital initiatives. Rising import costs are hurting smaller businesses, which has a substantial impact on their incapacity to compete in local markets. In the }nal part of this dissertation, there are some suggestions for the SMEs in order to be prepared for forthcoming crises and techniques that may protect small and medium enterprises from being vanished out of the business world once and for all. Mass layoffs, temporary and permanent closures, bootstrapping of digitization, and strategic alliances were some of the solutions to the }nancial effects.
Open Access
Climate change and implications for monetary policy
(2022-09-28) Ρουμελιώτης, Κωνσταντίνος; Roumeliotis, Miltiadis
Τμήμα Οικονομικών Επιστημών (ΜΔΕ)
This study will address the current global issue of Climate Change, how monetary policy is affected by it, whether Monetary Policy can and should play a role in tackling it. Market imperfections strongly influence the volume of greenhouse gas emissions, which is a key driver of climate change. While governments should lead climate policies in the first place, a broad coalition of actors across society, including central banks, needs to contribute to transition to a carbon-neutral economy in a timely and orderly fashion. The study will then examine the various studies that have been done from time to time, analyze the data and the models they use and report the results they present. Subsequently, it will look at the role that Monetary Policy can play and what methods of discouragement it can use to reduce climate change. Finally, in the empirical study we will do, The study will show how Climate Change affects monetary policy through consumer expectations, changes in energy prices, the production gap created by a natural disaster, the price trend over the next twelve months and the number of natural disasters per year. It will show that the above variables affect the majority of time lags positively and lead to an increase in the rate of change of prices, which leads to an increase in inflation thus affecting monetary policy.
Open Access
Comparative study of worker performance in crowdsourcing environments
Συκιώτη, Ειρήνη; Τζαγκαράκης, Εμμανουήλ; Τζαγκαράκης, Εμμανουήλ; Γιαννακόπουλος, Νικόλαος; Κουνετάς, Κωνσταντίνος; Sykioti, Eirini
Τμήμα Οικονομικών Επιστημών (ΜΔΕ)
Crowdsourcing (πληθοπορισμός) είναι μια διαδικασία με τη μορφή ανοιχτής πρόσκλησης κατά τη οποία πραγματοποιείται μια ανάθεση εργασίας από έναν εργοδότη σε ένα ανοιχτό πλήθος εργαζομένων σε διαδικτυακές κοινότητες. Παρόλο που η εφαρμογή των υπηρεσιών crowdsourcing έχει αυξηθεί με την πάροδο των χρόνων, ένα κύριο πρόβλημα που υπάρχει είναι η σχετικά χαμηλή ποιότητα εργασίας των χρηστών. Αυτό οφείλεται κυρίως στο γεγονός ότι ολοένα και περισσότεροι εργαζόμενοι καθοδηγούν τα κίνητρά τους με οικονομικά κριτήρια, αναλαμβάνοντας καθήκοντα που δεν εκτελούν ή τα επεξεργάζονται ελάχιστα. Σε αυτή τη διπλωματική εργασία, επιδιώκουμε να εξετάσουμε ποια χαρακτηριστικά και δεξιότητες των εργαζομένων επηρεάζουν την ποιότητα της εργασίας σε περιβάλλοντα crowdsourcing και ποιο είναι το κίνητρό των εργαζομένων για να επιτύχουν καλύτερα αποτελέσματα.
Open Access
Comparing recent economic crises in Greece
Νικολαΐδου-Κυπριανίδου, Ασπασία-Μαρία; Nikolaidou-Kyprianidou, Aspasia-Maria
Τμήμα Οικονομικών Επιστημών (ΜΔΕ)
The purpose of this particular dissertation is to compare the economic crisis that started in Greece in 2009, with the one of 2020, that was the result of the pandemic of coronavirus (Covid-19), in terms of the unemployment rate of the country. The research was conducted using monthly and quarterly data from the Hellenic Statistical Authority (ELSTAT), that were analyzed with the software Stata. One basic similarity between the two crises is that both had a negative impact on the unemployment of Greece, either concerning the regions separately, or the country as whole. However, the results showed that the negative effects of the crisis of 2009 on the unemployment were long term, whereas the corresponding negative effects of the crisis of 2020 were short term. The results of our estimations also showed that the rise of the unemployment rate of the country in 2020 was because of the rise of the unemployment in the areas that are tourist destinations and therefore that the cause of the increase of the unemployment rate was basically the negative impact of the pandemic on the tourism industry. However, concerning the crisis of 2009, the results showed that the tourism industry did not affect the unemployment rate in that crisis, confirming the difference between the two crises. Moreover, we showed that someone that was working in occupations in accommodation or food service activity in 2019 was more probable to be unemployed in 2020, compared to having worked in manufacturing, confirming once again that the tourism sector was responsible for the increase of the unemployment rate in Greece in 2020. As far as the crisis that started in 2009 is concerned, in 2013, which was the year that the unemployment rate peaked in the country, the probability was estimated to be much lower, indicating that that was not the case in the first crisis of our analysis and confirming once again the difference between these two crises.
Open Access
Consumption profiles of Greek households emphasizing on clothing and footwear
Λειβαδά, Ελισάβετ; Γιαννακόπουλος, Νικόλαος; Βενέτης, Ιωάννης; Τζαγκαράκης, Μανώλης; Leivada, Elisavet
Τμήμα Οικονομικών Επιστημών (ΜΔΕ)
Using expenditure data drawn from the Greek Household Budget Survey for the period 2009-2014 we analyze the impact of the changes in the employment situation, income and non-durables expenditures on the demand for clothing and footwear as well as on other consumption categories. Special emphasis will be placed on the impact of the recent downturn of the Greek economy by constructing a variable of job insecurity within households. Our analysis is based on an almost ideal demand system model (AIDS) and standard micro-econometric techniques are adopted to estimate several demand elasticities. According to our findings, there is a constant negative relationship between income and job insecurity into households during the current crisis in Greek economy. Consumption is also significantly related to job insecurity. There is not much evidence that expenditure shares for clothing and footwear differentiate in comparison to the shares of the other categories. Greek households’ expenditure shares are mainly affected by consumption and only in some cases by job insecurity or income.
Open Access
Convergence analysis of technical, total factor energy, renewable energy and CO2 emissions efficiency. A global perspective
Ζαρουτιέρη, Ευτυχία; Κουνετάς, Κωνσταντίνος; Βενέτης, Ιωάννης; Γιαννακόπουλος, Νικόλαος; Zaroutieri, Eftychia
Τμήμα Οικονομικών Επιστημών (ΜΔΕ)
In this dissertation, an alternative approach of total factor efficiency in terms of performance analysis is investigated, founded on the study of Hu and Wang (2006). Energy efficiency has recently constituted an essential tool of energy management universally and the international organizations attempt to figure out energy efficiency trends over time. This study, at first stage, attempts to provide empirical estimations of countries’ total factor energy, renewable energy and carbon dioxide emissions efficiency, as well as of technical efficiency, over a global perspective and specifically of 127 countries over the period 1990-2013. The convergence hypothesis is examined in the second stage, based on the log-t regression test introduced by Phillips and Sul (2007), which accounts for individual heterogeneity across economies and on the club clustering algorithm which identifies possible convergence clubs. Founded on the estimation results, technical efficiency was shaped in low average levels across the countries, relative to the total factor energy, renewable energy and the carbon dioxide emissions efficiency. At a regional level, countries within Europe delineated the highest average performance, regarding the use of energy and renewable energy, as well as the carbon dioxide emissions. It was further inferred that members of OECD members demonstrated higher performance on average, founded on the distribution of technical, total factor energy and carbon dioxide emissions efficiency, whereas it is essential to declare that non- OECD members denoted higher performance, regarding the use of the renewables. The log-t regression test proposed by Phillips and Sul (2007) did not support the full panel convergence hypothesis of the efficiencies, but convergence clubs were identified. Founded on the club clustering algorithm, four convergence clubs of technical efficiency were identified, while both total factor energy and carbon dioxide emissions efficiency, finally converged to three clubs. As regards total factor renewable energy efficiency, six clubs were identified and one divergent club, as well.

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