Τμήμα Οικονομικών Επιστημών (ΜΔΕ)

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  • ItemOpen Access
    How efficient and predictable is the betting market
    (2023-11-29) Κούρτης, Δημήτριος; Kourtis, Dimitrios
    In this dissertation, we analyze the efficiency of betting markets in the top five Eu ropean football leagues over a 10-year period (2012-2022). Employing an Ordinary Least Squares (OLS) regression model with both average and best available odds, we scrutinize the bookmaker commission and forecast error across the English Pre mier League, Spain La Liga, Italy Serie A, Germany Bundesliga, and France Ligue 1. The analysis reveals a stark contrast in market dynamics: while the Bundesliga and La Liga consistently exhibit market efficiency with no significant deviations in and , suggesting odds well-aligned with actual outcomes, the Premier League and Serie A display notable inefficiencies in specific seasons, as indicated by significant and values. These variations imply occasional overestimation or underestimation of event probabilities by bookmakers. This decade-long study underscores the complex and varied nature of sports betting markets in Europe, providing crucial insights for bettors and analysts in strategizing and understanding bookmaker be havior in football betting.
  • ItemOpen Access
    The effect of European funds in economic growth
    (2023-11-28) Πρίφτη, Πάνο; Prifti Pano
    This thesis investigates the dynamic impact of European Union (EU) payments on three critical economic indicators: Gross Domestic Product (GDP) growth, Gross Fixed Capital Formation (GFCF), and employment. Utilizing Impulse Response Function (IRF) analysis derived from local projection models, the study explores the temporal effects of EU payments over a six-year horizon. Our methodology includes a detailed examination of the immediate, short-term, and medium-term impacts of these payments on the selected economic variables. The results reveal a nuanced response of GDP growth to EU payments, characterized by a gradual and modest positive impact, peaking in the second year and diminishing thereafter. This suggests a delay in the effectiveness of EU funding, potentially due to the time required for fund allocation and project implementation. For GFCF, the study observes an initial neutral to slightly negative response, transitioning to a more pronounced positive impact in the medium term. This indicates a delayed but eventual beneficial influence of EU payments on capital formation. In the realm of employment, the findings suggest a delayed but increasingly positive impact, becoming more pronounced and statistically significant from the fourth year onwards. This points to a lag in the ability of EU-funded projects and investments to generate employment opportunities. The thesis contributes to the understanding of EU funding’s effectiveness and its role in economic development. By identifying the temporal dynamics and magnitude of impacts, the research provides valuable insights for policymakers, highlighting the need for efficient fund utilization and long-term monitoring to maximize the benefits of EU payments. The study’s findings also suggest areas for further research, including the exploration of specific types of EU funds and the role of other macroeconomic variables in influencing these relationship
  • ItemOpen Access
    Determinants of Airbnb prices (European cities)
    (2023-10-01) Γιαννακός, Γεώργιος; Giannakos, Georgios
    Airbnb, established in 2008, revolutionizes the hospitality industry by providing a platform for individuals to rent out their properties for short-term accommodation to tourists. With a presence in 81,000 cities across 191 countries, the company has facilitated over 300 million bookings. Despite its vast scale, Airbnb doesn't own any of the 5 million rental apartments listed on its platform. Instead, it acts as an intermediary, connecting hosts and guests and earning commissions for each booking. To use the service, users must create an account and may need to undergo identity verification. Upon booking, Airbnb facilitates communication and payment transfer between hosts and guests. The accommodations offered range from private rooms to entire apartments, and hosts can either reside in the property or rent it out while absent. Airbnb's disruptive business model has significantly impacted the traditional hospitality sector, sparking both admiration and scrutiny regarding its legality in various regions. (Guttentag, 2015) The rise of peer-to-peer platforms has enabled individuals to share excess assets and services, giving birth to the sharing economy business model. (Paolo Roma, 2019) (Georgios Zervas, 2017). This trend is flourishing across various industries, with examples like Uber and Lyft in transportation and Airbnb and Roomorama in accommodations (Baojun Jiang, 2016). Among these, the accommodation sector in the sharing economy has garnered significant attention. Unlike traditional accommodations, these platforms gather unused assets from hosts and connect them with guests seeking temporary lodging, emphasizing a collaborative value creation process (Dimitrios Buhalis, 2020) (Dimitrios Buhalis, 2019). One key advantage is the minimal costs incurred by hosts, in stark contrast to the hefty expenses faced by hotels (Inès Blal, 2018). The market size of accommodation-sharing platforms has surged in recent years. For instance, in China, these platforms achieved total sales of 16.5 billion and amassed 147 million users by 2018, boasting a remarkable growth rate of over 25% (Chang & Li, 2020). In determining the long-term success of the traditional accommodation industry, pricing decisions are deemed crucial for several reasons (Hung, et al., 2009). Consumer accommodation selections have been shown to be significantly influenced by pricing (Lockyer, 2005). Similarly, pricing holds considerable importance in sharing economy-based services due to similar considerations. Therefore, an examination of the pricing determinants of sharing economy-based accommodations is essential, as it can offer valuable insights into pricing decisions for accommodations. Furthermore, a comprehensive understanding of pricing determinants is deemed crucial for sharing economy platforms like Airbnb.com. While pricing decisions are not directly made by these platforms themselves, they are involved in providing recommendations to hosts regarding pricing. If appropriate pricing recommendations can be made by these platforms, there is potential for increased sales and profitability. This thesis addresses this gap by conducting an extensive analysis of pricing determinants in the European Airbnb market. The research methodology involved meticulous data collection from diverse Airbnb listings across prominent European cities. A nuanced dataset was curated, including variables such as the number of accommodates, number of reviews, number of bedrooms, minimum guest requirements, and room type. These variables were selected deliberately to capture various facets of accommodation offerings, reflecting both quantitative and qualitative dimensions of the listings. Central to this study are rigorous regression analyses, aimed at unraveling the intricate relationship between these selected variables and the pricing of Airbnb apartments. By employing advanced statistical techniques, this research illuminates the underlying patterns and correlations influencing the pricing decisions made by hosts on the Airbnb platform. The study investigates how factors such as the number of accommodates, reviews, bedrooms, minimum guest requirements, and room types interact to determine the pricing structures of European Airbnb listings. This research holds transformative potential for hosts, platforms, and the sharing economy at large. For hosts, these insights offer precise navigation in pricing decisions, ensuring competitive rates and guest satisfaction. Platforms, armed with refined algorithms, can empower hosts to maximize earnings, fostering a vibrant ecosystem. This study contributes to economic dialogues, unveiling adaptive strategies crucial for businesses in the dynamic digital landscape. Ultimately, it underscores the enduring impact of collaborative economies, shaping the future of global industries.
  • ItemOpen Access
    The determinants of happiness among entrepreneurs
    (2023-12-19) Κουτσουμπελίτης, Παναγιώτης; Koutsoumpelitis, Panagiotis
    This study investigates the factors that influence entrepreneurial happiness. Based on a large dataset of Global Entrepreneurship Monitor (GEM) in 2013, which only recently examined the level of satisfaction of entrepreneurs, we categorize entrepreneurs based on their motivation and the venture characteristics and we search for potential differences in their levels of happiness. Following existing literature, for our reasoning we also take perceptual variables into account such as fear of failure, autonomy, expectations, inspirations and overconfidence that are proved to affect entrepreneurial behavior and happiness. According to our OLS results, we show that motivation and perceptual variables are significant determinants of entrepreneurial well-being with the perception of opportunity driving the entire difference in the level of happiness between opportunity and necessity entrepreneurs. We examine differences in happiness between opportunity (“pulled”) and necessity (“pushed”) categories of entrepreneurs using GEM definitions. Hence, our sample includes entrepreneurs who take advantage of an entrepreneurial opportunity to start a business and those who are self-employed given no other occupational option or because of unemployment. Most importantly, in our attempt to contribute and fill the gap of existing literature on venture characteristics, we come up with interesting findings for their significant and influential role in determining happiness of entrepreneurs with certain limitations.
  • ItemOpen Access
    Understanding inflation during and post Covid-19
    (2023-12-14) Δάλλας, Παναγιώτης; Dallas, Panagiotis
    In order to better understand the dynamics of inflation during and post COVID-19, we examine the relationship between the core inflation gap and two key factors: the labor market tightness measure V/U and headline shocks. The core inflation gap is defined as the difference between core median inflation and expected inflation as measured by the ECB forecasts 5 years ahead. V/U is a measure of the slack in the labor market, and headline shocks are unexpected changes in the overall inflation rate. We find that both V/U and headline shocks have a significant impact on the core inflation gap. However, the effects of both factors are nonlinear. In other words, the relationship between the core inflation gap and V/U or headline shocks is not a straight line. Instead, there is a turning point at which the relationship becomes stronger. This suggests that the effects of V/U and headline shocks on inflation are more pronounced when the labor market is tight or when there are large unexpected changes in the overall inflation rate. Our findings also suggest that the use of a core measure of inflation, such as weighted median inflation, is important for understanding the dynamics of inflation. We find that the relationship between the core inflation gap and V/U is noisier when using a headline measure of inflation, such as HICP. This is because headline inflation is more volatile and subject to larger shocks than core inflation.
  • ItemOpen Access
    Εισοδηματική ανισότητα και αναδιανομή. Παίζει ρόλο η θρησκεία;
    (2024-01-08) Κόγκος, Βασίλειος; Kogkos, Vasileios
    Στην εποχή μας, η εισοδηματική ανισότητα και η αναδιανομή αποτελούν παγκόσμια θέματα που πρέπει να αντιμετωπίσει κάθε κοινωνία. Η πραγματοποίηση εκτεταμένης έρευνας σε αυτούς τους τομείς κρίνεται απαραίτητη και αποκτά ιδιαίτερη σημασία, καθώς οι επιπτώσεις τους σε εθνικό και παγκόσμιο επίπεδο είναι πολύ μεγάλες. Οι παράγοντες που διαμορφώνουν την εισοδηματική ανισότητα και την αναδιανομή πόρων είναι πολύπλοκοι, αλλά ένας παράγοντας που συχνά παραμελείται είναι η θρησκεία. Στόχος αυτής της μεταπτυχιακής διπλωματικής εργασίας είναι να εξετάσει παράγοντες που επηρεάζουν την εισοδηματική ανισότητα και την αναδιανομή. Σύμφωνα με τα αποτελέσματα αυτής της μελέτης, βρέθηκε ότι η επιρροή της θρησκείας στα οικονομικά αποτελέσματα είναι πολύπλοκη. Ενώ οι θρησκευτικοί παράγοντες μπορεί να μην επηρεάζουν άμεσα την εισοδηματική ανισότητα όταν ελέγχονται άλλες μεταβλητές, φαίνεται να παίζουν ρόλο στη διαμόρφωση των προτύπων κρατικών δαπανών που σχετίζονται με την αναδιανομή.
  • ItemOpen Access
    The pass-through of monetary policy shocks to bank lending and deposit rates
    (2023-11-21) Ζήμου, Βασιλική; Zimou, Vasiliki
    In this dissertation we study the pass-though of monetary policy shocks to bank lending and deposit rates through a wide range of variables for Eurozone countries over the period 2003 to 2022. Mainly, the results show that the monetary policy shock affects negative interest rates mainly in the first months. Then businesses and households - non-financial institutions get used to the increase and the influence becomes positive. For our convenience, we used local projections (Jorda, 2005) as Hadulla, Mazelis did in their research.
  • ItemOpen Access
    Nομισματική πολιτική και επιπτώσεις στις αποδόσεις των κρατικών ομολόγων
    (2023-11-28) Μάλλης, Γεώργιος; Mallis, Georgios
    Η παρούσα μελέτη διερευνά τον τρόπο με τον οποίο τα σοκ της νομισματικής πολιτικής της Ευρωπαϊκής Κεντρικής Τράπεζας (ΕΚΤ) επηρεάζουν τις αποδόσεις των κρατικών ομολόγων μέσω ενός ευρέος φάσματος μεταβλητών για τις χώρες της Ευρωζώνης κατά την περίοδο 2003-2022. Κυρίως, τα αποτελέσματα δείχνουν ότι το σοκ της νομισματικής πολιτικής επηρεάζουν από τη μια αρνητικά τις χώρες της ΕΕ καθώς εκδίδουν ομόλογα με μεγαλύτερο επιτόκιο ενώ επηρεάζουν θετικά τους επενδυτές οι οποίοι λαμβάνουν από την μια μεγαλύτερο ρίσκο από την αγορά ενός ομολόγου όμως έχουν μεγαλύτερες αποδόσεις . Αυτό το αποτέλεσμα επιβεβαιώνεται και από την αύξηση του spread στο οποίο έχουμε σαν χώρα αναφοράς την Γερμανία. Για τη διευκόλυνσή μας, χρησιμοποιήσαμε τοπικές προβολές (Jorda, 2005) (12) όπως έκαναν οι Hadulla, Mazelis (8) στην έρευνά τους.
  • ItemOpen Access
    Μελέτη παραγόντων που επηρεάζουν την κατανάλωση ενέργειας στην παραγωγή κρυπτονομισμάτων
    (2023-09-10) Χάλα, Αγγελική; Chala, Angeliki
    Τα κρυπτονομίσματα έχουν αδιαμφησβήτητα αναδείξει νέες προοπτικές και δυνατότητες στον κόσμο των χρηματοοικονομικών συναλλαγών και της τεχνολογίας. Στον χώρο της επιστήμης έχουν δημιουργηθεί νέα ερευνητικά ερωτήματα σχετικά με την βιωσιμότητά των νέων αυτών μέσων συναλλαγής. Στόχος αυτής της μεταπτυχιακής εργασίας είναι να εξετάσει παράγοντες που επηρεάζουν την κατανάλωση ενέργειας κατά την παραγωγή του Bitcoin, χρησιμοποιώντας παγκόσμια δεδομένα σχετικά με το δίκτυο Bitcoin. Σύμφωνα με τα αποτελέσματα αυτής της έρευνας, βρέθηκε ότι η αύξηση στη δυσκολία εξόρυξης και στην αξία του Bitcoin αυξάνουν την κατανάλωση ενέργειας, πράγμα το οποίο παρατηρείται από την αρχή της εμφάνισης του bitcoin έως και σήμερα. Η αστάθεια που χαρακτηρίζει το δίκτυο του bitcoin καθιστά πολύπλοκη την έρευνα συμπεριφοράς των παραγόντων που επιδρούν στην κατανάλωση ενέργειας για την παραγωγή bitcoin αλλά και το ύψος της κατανάλωσης αυτής. Ενώ τα αποτελέσματα της εξετάσεις παραγόντων που επηρεάζουν την κατανάλωση ενέργειας στην παραγωγή bitcoin, υποστηρίζονται από την πρόσφατα υπάρχουσα ερευνητική βιβλιογραφία, υπάρχει αντίθεση των αποτελεσμάτων της τρέχουσας ανάλυσης και της αντίστοιχης βιβλιογραφίας σχετικά με την σχέση του αριθμού συναλλαγών και της κατανάλω σης ενέργειας. Συνολικά, αυτή η μεταπτυχιακή διατριβή παρέχει εκτός από την εξέταση παραγόντων που επηρεάζουν το ύψος της κατανάλωσης ενέργειας στην παραγωγή bitcoin και μία βιβλιογραφική πληροφόρηση σχετικά με την ενεργειακή δυναμική της παραγωγής κρυπτονομισμάτων γενικότερα. Επιπλέον, αναδεικνύει την ανάγκη για περαιτέρω έρευνα σε αυτόν τον σχετικά νέο τομέα έρευνας.
  • ItemOpen Access
    The impact of a financial crisis on happiness and wellbeing
    (2023-08) Κωταντούλα, Πολυξένη; Kotantoula, Polykseni
    The purpose of this thesis is to critically review the literature and econometric methods used in the analysis and measurement of the so-called Wellbeing or the feeling of living well in a country from both the economic and psychological point of view and the factors that influence it. On the occasion of the global financial crisis of 2008 that shook Europe as well, the financial indicators that influence wellbeing as an aftermath of the financial crisis are demonstrated. A compass in this project will be the study by Martijn J. Burger and Efstratias Arampatzi which was carried out in 2013 and processes data entered from the European Commission's database on the happiness and satisfaction felt by EU citizens since 1975.
  • ItemOpen Access
    Disturbances in the international price of oil and effects in Greece
    (2023-09) Ηλιοπούλου, Βασιλική; Iliopoulou,Vasiliki
    Global oil prices are a pivotal economic driver with ramifications for both oil- exporting and importing countries. This thesis ventures into the under-explored domain of the impacts of oil price fluctuations on Greece’s labor market. Draw- ing on both macroeconomic and microeconomic theories, we investigate how these disturbances affect domestic inflation and bring about differentiated consequences across sectors, skill levels, regions, and demographics in Greece’s workforce. De- spite the abundance of global empirical research on the topic, focused studies on Greece remain sparse. Our research aims to bridge this gap, leveraging time-series, cross-sectional, and differences analyses, bolstered by qualitative insights. The ob- jective is to provide a holistic understanding of Greece’s labor market vulnerability to oil price shocks, potentially guiding the formulation of policies that can insulate and fortify the nation against such external economic perturbations.
  • ItemOpen Access
    Αξιολόγηση οικονομικής πολιτικής για την προστασία των φυσικών πόρων από γεωργική δραστηριότητα με χρήση μεγάλων δορυφορικών δεδομένων
    (2023-10-12) Μπονάτσου, Ελένη; Mponatsou, Eleni
    Το ερώτημα που ερευνά αυτή η εργασία είναι η αξιολόγηση της πολιτικής πρασινίσματος με χρήση δορυφορικών δεδομένων. Η Κοινή Αγροτική Πολιτική, ΚΑΠ, θέσπισε μέτρα προστασίας του περιβάλλοντος, γνωστά ως πρασίνισμα, τα οποία απαιτούσαν από τους παραγωγούς να τηρούν ορισμένες υποχρεώσεις για να λαμβάνουν οικονομική στήριξη. Για την αξιολόγηση του αντίκτυπου των μέτρων πρασίνου χρησιμοποιούνται δορυφορικά δεδομένα από ευρωπαϊκούς δορυφόρους και δεδομένα παρακολούθησης της ΚΑΠ. Οι δορυφορικές παρατηρήσεις, παρέχονται από το Sen4CAP για την αξιολόγηση των περιβαλλοντικών επιπτώσεων των γεωργικών πολιτικών. Οι παρατηρήσεις αυτές παράγουν βιοφυσικούς δείκτες που μπορούν να συνδυαστούν με πληροφορίες από το IACS/LPIS για τη σύνδεση των γεωργικών εκμεταλλεύσεων με μέτρα πολιτικής. Τα δεδομένα αυτά, τα οποία προέρχονται από μια περιοχή των Κάτω Χωρών, έχουν υποστεί επεξεργασία από ερευνητές διαφόρων ιδρυμάτων. Οι βιοφυσικοί δείκτες που χρησιμοποιήθηκαν είναι οι FCOVER και NDVI, και συνδυάστηκαν με δείκτες επιπτώσεων για την αξιολόγηση των γεωργικών πρακτικών. Οι μεθοδολογικές προσεγγίσεις που χρειάστηκαν για την αξιολόγηση ήταν το Difference in Differences, Pooled OLS και Fixed Effects.
  • ItemOpen Access
    Transfer spending and football clubs performance. Evidence from Premier League
    (2023-09-21) Κουντάκης, Μαρίνος; Kountakis Marinos
    In the world of professional football, the intricate interplay of factors influencing club performance stands as a perpetual enigma. This study embarks on an empirical journey to unravel the determinants that underpin the success of football clubs in the English Premier League. Through a multifaceted exploration encompassing a comprehensive review of literature, a meticulous methodology, and an in-depth analysis of data, this research sheds light on the complex relationships that shape club ranking points and positions. Employing fixed-effects linear regression and ordered probit regression models, the study examines the impact of variables such as financial investment, fan engagement, squad composition, age, and international participation. The empirical insights resonate with established theories while revealing novel perspectives that challenge conventional wisdom. Results underscore the significant role of financial investment and fan engagement in shaping on-field performance, while also unearthing the intricate associations between squad dynamics and success. By bridging empirical findings and theoretical foundations, this study contributes to a deeper comprehension of the multifaceted tapestry that defines football club triumphs. As the following sections delve into the nuances of the research journey, this abstract encapsulates the study’s significance in advancing the discourse on football club performance.
  • ItemOpen Access
    Industrial waste, green taxes and environmental policies in a country perspective
    (2023-09-21) Μάντζαρη, Ελένη; Mantzari, Eleni
    In an era defined by a global commitment to environmental sustainability, industries have emerged as focal points for environmental scrutiny. As significant contributors to both economic growth and environmental impact, they stand at the intersection of progress and sustainability. The management of industrial waste has assumed paramount importance, representing a pivotal component of sustainable development agendas worldwide. This thesis embarks on a multidi mensional exploration that delves into the intricate interplay between economic dynamics, technological innovation, and waste generation within the industrial landscape.The research is grounded in the belief that empirical analysis is essential for illuminating the complex relationships that link these factors. By applying econometric techniques to a comprehensive panel dataset spanning multiple countries and years, this study aims to unravel the multifaceted dynamics between economic indicators, technological measures, and waste generation. Utilizing fixed effects models to account for country-specific effects and year variables to capture temporal dynamics, the research aims to offer a more holistic understanding of this intricate relationship. This thesis bridges theory and empirical analysis to shed light on these complex interactions. The results reveal varying relationships between economic variables and waste production, showcasing the nuanced nature of waste generation dynamics. Incorporating temporal effects through year variables highlights evolving waste management patterns and adaptation to changing environmental demands. Generally, it contributes to our understanding of waste generation within industrial sectors and offers practical insights for policy formulation and environmentally conscious industrial practices. It signifies the importance of comprehensive analyses when considering the factors that influence waste generation in pursuit of sustainable industrial practices.
  • ItemOpen Access
    The role of environmental taxes, trade, and energy productivity in limiting emissions
    (2023-09-20) Φραγκούλια, Μαρία; Fragkoulia, Maria
    The contemporary global transportation sector, while fostering economic growth and societal connectivity, poses formidable environmental challenges through emissions that contribute to air pollution and climate change. This research employs econometric analysis to explore the intricate relationships among various determinants and emissions within the transportation domain. Employing the Ordinary Least Squares (OLS) Fixed Effects (FE) model, this study comprehensively examines the influence of environmental taxation, trade, energy intensity, GDP per Capita, manufacturing, and expenditure on environmental protection on emissions across pollutants such as carbon dioxide (CO2), nitrogen oxides ( NOx), methane (CH4), Particulates smaller than 2.5μm (PM25), Particulates smaller than 10μm (PM10), and ammonia (NH3).The results unveil a consistent and statistically significant negative association between environmental taxation and emissions for all pollutants examined, reinforcing the efficacy of environmental taxation policies in emissions reduction. Additionally, positive relationships are observed between trade, energy intensity, GDP per Capita, manufacturing, and emissions, underlining the intricate nexus of factors shaping emissions patterns in the transportation sector. The research underscores the pivotal role of tailored policy interventions, emphasizing the importance of judiciously designed environmental taxation mechanisms, promotion of energy efficiency, and targeted allocation of resources for emissions abatement. This research advances the understanding of emissions dynamics within the transportation sector by harnessing rigorous econometric analysis, providing empirical evidence that informs evidence-based policymaking. The findings propel a nuanced approach to emissions reduction strategies, striving for a harmonious equilibrium between transportation’s societal benefits and environmental imperatives.
  • ItemOpen Access
    Digitization and implications for public revenues
    (2023-09-04) Βούτου, Μάγδα; Voutou, Magda
    This study undertakes a comprehensive exploration of the intricate nexus between the pace of digitization, tax revenue, and key macroeconomic variables. By delving into the dynamic interplay among these factors, we endeavor to unravel the underlying complexities shaping fiscal policies and economic dynamics across nations. The transformative impact of the digital revolution is palpable, presenting governments and policymakers with new opportunities and challenges. Our investigation centers on the process of digitization, which involves the integration of digital technologies into diverse economic activities. This phenomenon encompasses a wide spectrum, from the proliferation of e-commerce to the automation of administrative tasks and the implementation of innovative digital payment systems. As digital technologies become integral to societies, their potential to reshape fiscal structures and revenue generation mechanisms cannot be overlooked. Taxation remains a cornerstone of government revenue generation, supporting public expenditure and welfare initiatives. Our focus is on the proportion of Value-Added Tax (VAT) revenues relative to Gross Domestic Product (GDP), a pivotal indicator of taxation efficiency and fiscal stability. This metric reflects a government's ability to collect taxes in relation to overall economic output, providing insights into the sustainability of public finances. We aim to unravel how the digitization wave intersects with this crucial metric, shaping the tax revenue landscape and influencing fiscal policies worldwide. Acknowledging the multi-dimensional nature of economic dynamics, our analysis extends beyond digitization and tax revenue to encompass an array of macroeconomic variables. GDP growth, a benchmark of economic vitality, assumes a central role in our investigation. We probe how the pace of economic expansion interacts with digitization and its impact on tax revenues. Additionally, we scrutinize the effects of public debt and public deficit—two pivotal elements of fiscal policy—on the intricate relationship between digitization and tax revenue. This comprehensive approach enables us to capture the intricate web of interdependencies that ultimately shape economic outcomes. Our study employs a robust panel regression framework to analyze the interplay between digitization, tax revenue, and macroeconomic variables across a diverse set of 38 countries for the years 2014, 2017, 2021. This methodological choice accommodates both cross-sectional variations and temporal trends, providing a holistic view of the dynamics under scrutiny. Through fixed effects models, we control for country-specific and year-specific variations, bolstering the reliability of our findings. Our empirical exploration unfolds through three distinct regression models. Model 1 highlights a substantial positive influence of digitization on VAT revenues, highlighting technology's potential to enhance tax collection efficiency. Model 2 expands our perspective by introducing GDP growth, yielding insights into the intricate interplay between economic expansion and tax revenue. Model 3 further enriches our analysis by incorporating public debt and public deficit, shedding light on the complex interactions between fiscal policy dimensions and digitization. The outcomes of our study have far-reaching implications for policymakers, economists, and governments worldwide. Empirical evidence underscores the transformative capacity of digitization in shaping tax revenue landscapes. As countries navigate the digital era, the capacity to harness technological advancements becomes a pivotal factor in crafting effective fiscal strategies. The positive correlation between digitization and tax revenue underscores the symbiotic relationship between technological integration and fiscal well-being.
  • ItemOpen Access
    Evaluation of computer hardware performance data in cryptocurrency energy consumption estimation
    (2023-09-20) Δημακόπουλος, Ανδρέας; Dimakopoulos, Andreas
    The aim of this thesis is to aid the academic community, specifically in the field of cryptocurrencies that have the issue of scarce data and lack of information. Data are essential in order to better understand the problem of cryptocurrency mining consumption, so that ways can be found to regulate it. After presenting the related academic literature over the point at issue which is the continuously rising electrical energy consumption, we continued with addressing the profitability of miners today and emphasized on the lack of data at hand. We handled that by building a database of daily data from June 2nd, 2022 to July 28,2023 that contains information about ASIC mining machines and their power consumption, their cost of electricity per day, their computational power and income per day among others. Finally, by exhibiting the top cryptocurrencies of today by market cap and the algorithms that are used to mine them, we used a subset of a full calendar year from July 15th,2022 to July 15th, 2023 in order to display the top 2 ASIC mining models of each of the top 5 algorithms by using the total profit of the past year.
  • ItemOpen Access
    The impact of institutional corruption on tax avoidance of Greek firms
    (2023-09-21) Λαγού, Κωνσταντίνα; Lagou, Konstantina
    Στο σημερινό παγκοσμιοποιημένο και αλληλένδετο οικονομικό τοπίο, το ζήτημα της θεσμικής διαφθοράς έχει αναδειχθεί ως πιεστικό πρόβλημα με εκτεταμένες επιπτώσεις. Καθώς οι χώρες παλεύουν με τη συνεχώς εξελισσόμενη δυναμική του οικονομικού και κοινωνικού τους περιβάλλοντος, ο αντίκτυπος της διαφθοράς σε διάφορες πτυχές της εταιρικής συμπεριφοράς έχει συγκεντρώσει σημαντική προσοχή. Ενώ ένα σημαντικό σώμα εμπειρικής έρευνας έχει διερευνήσει τις επιπτώσεις της θεσμικής διαφθοράς στις στρατηγικές χρηματοδότησης, τις εταιρικές επιδόσεις και τις πρακτικές διακυβέρνησης σε διαφορετικά έθνη και θεσμικά πλαίσια, παραμένει ένα εμφανές κενό όσον αφορά την κατανόηση του τρόπου με τον οποίο η διαφθορά συνδέεται με μια συγκεκριμένη εταιρική δραστηριότητα - φοροαποφυγή. Πολυάριθμες εμπειρικές έρευνες έχουν διερευνήσει την πολύπλευρη σχέση μεταξύ της διαφθοράς και των εταιρικών αποτελεσμάτων. Ορισμένες μελέτες δείχνουν ότι η διαφθορά μπορεί να χρησιμεύσει ως καταλύτης για την καινοτομία και την ανάπτυξη των επιχειρήσεων. Αντίθετα, άλλοι υποστηρίζουν ότι η διαφθορά μπορεί να καταπνίξει την ανάληψη εταιρικού κινδύνου και να μειώσει την αξία των εταιρικών μετρητών. Οι εταιρείες με ισχυρούς πολιτικούς δεσμούς συχνά απολαμβάνουν μειωμένο κόστος μετοχών, βελτιωμένη πρόσβαση σε τραπεζικά δάνεια, χαμηλότερα έξοδα εξωτερικής χρηματοδότησης και, κατά συνέπεια, μειωμένες διαθέσεις μετρητών. Αυτή η διχοτόμηση των προοπτικών οδήγησε σε δύο αντίθετες θεωρίες - την υπόθεση της «ευεργετικής διαφθοράς» ή της «ενοικίασης», η οποία υποδηλώνει ότι η διαφθορά μπορεί να ενισχύσει την οικονομική απόδοση και την υπόθεση της «επιβλαβούς διαφθοράς» ή «θωράκισης», που θέτει ότι η διαφθορά μπορεί να εμποδίζουν την οικονομική απόδοση. Ωστόσο, η υπάρχουσα βιβλιογραφία αναγνωρίζει ότι οι υπάρχουσες θεωρίες μπορεί να μην αποτυπώνουν πλήρως την περίπλοκη δυναμική μέσω της οποίας η διαφθορά επηρεάζει την οικονομική απόδοση σε επίπεδο επιχείρησης. Αυτή η μελέτη υιοθετεί μια μοναδική προσέγγιση εμβαθύνοντας στη σχέση μεταξύ θεσμικής διαφθοράς και φοροαποφυγής στις ελληνικές επιχειρήσεις. Η Ελλάδα, που κατατάσσεται σταθερά ως μία από τις πιο διεφθαρμένες χώρες στην ΕΕ και τη Δυτική Ευρώπη, παρουσιάζει ένα ενδιαφέρον και σχετικό ερευνητικό πλαίσιο. Επιπλέον, το οικονομικό τοπίο της Ελλάδας χαρακτηρίζεται από χρόνιες θεσμικές και διαρθρωτικές προκλήσεις, καθιστώντας την μια εξαιρετική περίπτωση μελέτης μεταξύ των ομολόγων της στην Ευρωπαϊκή Ένωση. Ωστόσο, τα εμπειρικά στοιχεία σχετικά με τον αντίκτυπο της θεσμικής διαφθοράς στη φοροαποφυγή, ιδιαίτερα σε ένα πλαίσιο αναδυόμενης αγοράς, παραμένουν ελάχιστα. Αναπτύσσουμε μια μακροπρόθεσμη βάση δεδομένων που περιλαμβάνει δεδομένα σε επίπεδο ελληνικής εταιρείας για τα έτη 2015 έως 2021, προκειμένου να αξιολογηθούν τα ζητήματα της μελέτης. Η Ελλάδα εμφανίζει σταθερά εξαιρετικά υψηλή βαθμολογία σχετικά με την αντιληπτή θεσμική διαφθορά μεταξύ των ομολόγων της στην ΕΕ κατά τη διάρκεια της υπό εξέταση περιόδου. Το τελικό πάνελ περιλαμβάνει 57.521 εταιρείες, ή 247.206 παρατηρήσεις ετησίως, από το 2015 έως το 2021.
  • ItemOpen Access
    Do industry differences affect firm-specific cash holdings determinants?
    (2023-09-22) Σπυρόπουλος, Κωνσταντίνος; Spyropoulos, Konstantinos
    This dissertation investigates whether industry membership substantially impacts corporate cash holdings policies amid mixed evidence on sector effects. Using a comprehensive 2015-2021 panel dataset of major Greek firms across diverse manu- facturing, commerce, services and other industries, multivariate regression analysis with fixed effects models is implemented to quantify industry’s role in shaping cash levels after controlling for profitability, investment opportunities, risks and scale. The results provide unambiguous empirical evidence that pronounced industry dif- ferences exist in the sensitivity of corporate cash holdings, even after accounting for conventional firm-level determinants. While the directional effects of factors like size, leverage and profitability persist across sectors, their magnitudes differ meaningfully. These findings confirm industry’s vital role in determining orga- nizational liquidity positions beyond firm attributes, underscoring the necessity of a nuanced, context-specific perspective encompassing firm, sector and country factors when researching corporate cash management.
  • ItemOpen Access
    How does the climate risk affect corporate debt? Evidence from Greece
    (2023-09) Δάβουλου, Φωτεινή; Davoulou, Foteini
    This dissertation examines how the climate risk affect the corporate debt. there is a link between CRI and Corporate debt that has already been established in the literature. The database was constructed using firm-level data from ICAP Databank, initially with 356,444 firm-year observations from 2006-2014 when Greek firms followed Greek Accounting Standards. I find that climate risk negatively affects the corporate debt, with the strongest effect seen in short-term debt. The outcomes could provide valuable insights for business leaders and regulatory bodies aiming to enhance their comprehension of firms' strategies for allocating assets, aiding in more effective planning and implementation.