Firms’ Profitability in the Period of Crisis: Evidence from Greek Food and Beverage Listed Firms in the Athens Stock Exchange

2020 ◽  
pp. 67-82
Author(s):  
Konstantina Panagiotakopoulou ◽  
Petros Kalantonis ◽  
Panagiotis Kaldis
Keyword(s):  
Stock Exchange ◽  
Listed Firms ◽  
Food And Beverage ◽  
Athens Stock Exchange

scholarly journals Corporate governance and capital structure in the periods of financial distress. Evidence from Greece

2017 ◽  
Vol 14 (1) ◽  
pp. 254-262 ◽  
Author(s):  
George Kyriazopoulos
Keyword(s):  
Corporate Governance ◽  
Capital Structure ◽  
Financial Distress ◽  
Sovereign Debt ◽  
Negative Impact ◽  
Stock Exchange ◽  
Debt Crisis ◽  
Outside Directors ◽  
Listed Firms ◽  
Athens Stock Exchange

This study examines the relationship between corporate governance and capital structure employing data from the Athens Stock Exchange for the period 2005-2014. This period encompasses the sovereign debt crisis erupted in Greece at the end of 2009 and still continues to hit households and businesses alike. The results from the panel regression analysis signify the role of corporate governance structures in determining the capital structure of the Greek listed firms. In particular, the empirical results reveal a negative impact of board size on debt levels, which is weakened during the debt crisis period. In contrast, the presence of outside directors provides the appropriate certification to use more debt. Finally, growth opportunities and profitability are the two firm-specific factors which effect was weakened during the financially-constraint period.

scholarly journals Non-linear response of firm investment to q: Evidence from Greek listed firms

2019 ◽  
Vol 9 (1) ◽  
pp. 53-63 ◽  
Author(s):  
Christos Kallandranis
Keyword(s):  
Stock Exchange ◽  
Adjustment Costs ◽  
Firm Investment ◽  
Dynamic Panel ◽  
Dynamic Panel Model ◽  
Listed Firms ◽  
Panel Model ◽  
Multiple Regimes ◽  
Athens Stock Exchange ◽  
The Relationship

A dynamic-panel model is applied in order to empirically investigate the relationship between business fixed investment and Tobin’s q for the firms listed in the Athens Stock Exchange (ASE). In particular, we search for non-linearities in the underlying relationship between investment and fundamentals, consistent with the presence of multiple regimes. The empirical results support a discontinuity identifying two-regimes: (a) wherein the first (for values of q below a certain threshold) investment is inelastic to q, while in the second it exhibits a positive relationship, and b) a further non-linearity expressed in a concavity of the investment- q relationship implying that for the segment where investment reacts to fundamentals positively, it does so at a decreasing rate evidence which is consistent with the presence of non-convexities in adjustment costs

scholarly journals Corporate Governance for A.S.E. Listed Firms

2016 ◽  
Vol 63 (1) ◽  
pp. 97-107
Author(s):  
Theognosia Tellidou ◽  
Chris Grose ◽  
Persefoni Polychronidou ◽  
Theodore Kargidis ◽  
Stergios Anatolitis
Keyword(s):  
Corporate Governance ◽  
Best Practices ◽  
Stock Exchange ◽  
Financial Statements ◽  
Public Companies ◽  
Listed Firms ◽  
Qualitative And Quantitative ◽  
Extensive Analysis ◽  
Recent Trends ◽  
Athens Stock Exchange

The present paper focuses on the level of compliance and application of corporate governance from the corporations listed in the Athens Stock Exchange (A.S.E.) and attempts to highlight improvements from the adoption of best practices suggested by corporate governance recent trends worldwide. In order for the research to be conducted, a series of qualitative and quantitative variables were used, as derived from the financial statements of 162 public companies. A more extensive analysis regarding the level of compliance with corporate governance was conducted in 25 companies with the highest and 25 corporations with the lowest score, whose classification in these positions was the result of a rating system that was created for this purpose.

scholarly journals Informal interactions between audit committees and internal audit function. Evidence from Greek listed firms

2019 ◽  
Vol 15 (1) ◽  
pp. 25-32 ◽  
Author(s):  
George Drogalas ◽  
Alkiviadis Karagiorgos ◽  
Michail Pazarskis ◽  
Nikolaos Vagenas
Keyword(s):  
Audit Committee ◽  
Stock Exchange ◽  
Internal Audit ◽  
Audit Committees ◽  
Listed Firms ◽  
Empirical Survey ◽  
Internal Audit Function ◽  
Athens Stock Exchange ◽  
The One

During the last decade, corporate irregularities created an unstable economic environment, which highlighted the importance of internal audit function (IAF) and audit committee (AC) in the context of corporate governance worldwide. However, a small number of researches have dealt with informal interactions between the audit committee and the internal audit function in Greek entities. In this context, this article investigates, on the one hand, the existence of informal interactions between the audit committee and the internal audit function, whereas on the other hand, it emphasizes on the determination of the factors associated with their existence. In particular, an empirical survey was conducted with the distribution of a questionnaire to Greek entities listed on the Athens Stock Exchange and a logistic regression analysis was used to illustrate the information gathered. This study indicates the existence and the factors influencing informal interactions between the audit committee and internal audit function in Greece. More particularly AC independence, AC chair characteristics and CAE characteristics (independent and objective) were found statistically significantly associated with the informal interaction between the two functions.

Ownership Structure and Firms' Performance in the Period of Crisis. Evidence From the Listed Food and Beverage Firms in the Athens Stock Exchange

2019 ◽  
Vol 6 (1) ◽  
pp. 37-48
Author(s):  
Petros Kalantonis ◽  
Konstantina Panagiotakopoulou ◽  
Roido Mitoula
Keyword(s):  
Corporate Governance ◽  
Firm Performance ◽  
Financial Crisis ◽  
Financial Market ◽  
Ownership Structure ◽  
Stock Exchange ◽  
Economic Recession ◽  
Food And Beverage ◽  
Athens Stock Exchange ◽  
Determinant Factor

Ownership structure is a crucial determinant factor of the corporate governance measurement and has been associated, in prior studies, with the profitability of firms. The current study investigates the effect of ownership structure on the firm's performance in the period of financial crisis. The authors focus on the food and beverage (F&B) industry since this sector has been affected less than others by the economic recession. Exploring the listed F&B beverage in the Athens Stock Exchange for seven years during the crisis period in Greece, the authors have found evidence for the effect of ownership structure on firm performance as it has been reflected in the accounting and financial market indicators. The findings for the relation between ownership structure and firms' performance, measured with accounting indices, are different from those in which the performance has been measured with market indices.

scholarly journals The Impact of the Disclosed R & D Expenditure on the Value Relevance of the Accounting Information: Evidence from Greek Listed Firms

Mathematics ◽  
2020 ◽  
Vol 8 (5) ◽  
pp. 730 ◽  
Author(s):  
Petros Kalantonis ◽  
Sotiria Schoina ◽  
Spyros Missiakoulis ◽  
Constantin Zopounidis
Keyword(s):  
Stock Prices ◽  
Value Relevance ◽  
Stock Exchange ◽  
Panel Data Analysis ◽  
Empirical Studies ◽  
Accounting Information ◽  
Listed Firms ◽  
Prior Literature ◽  
Athens Stock Exchange ◽  
The Impact

Although many empirical studies have focused on R & D performance models for markets globally, the available financial information for R & D expenditure is limited. In other words, can we assume that the reported accounting information for R & D investment is adequate and valuable? This study empirically investigates the effect of R & D reported information on the value relevance of the accounting information of firms’ financial statements. Specifically, using Ohlson’s equation, it is examined whether changes in stock prices are explained better when R & D factors are included in models, in conjunction with changes in book value and abnormal earnings. We focus on listed firms on the Athens Stock Exchange in order to explore whether R & D expenses are value relevant, in a market which has been affected for a long period by the global economic crisis of 2007. In our findings, we observe that the reported R & D expenses do not have any significant influence on the investors’ choices, in contrast to expectations based on the prior literature. Moreover, the panel data analysis employed in the paper overcomes common methodological problems (such as autocorrelation, multicollinearity, and heteroscedasticity) and allows the estimation of unbiased and efficient estimators.

scholarly journals Pengaruh Dar, Ukuran Perusahaan, Dan Tax Avoidance Terhadap Cost Of Debt

2020 ◽  
Vol 2 (2) ◽  
pp. 469
Author(s):  
Sherly Lie Wardani ◽  
Herman Ruslim
Keyword(s):  
Stock Exchange ◽  
Tax Avoidance ◽  
Cost Of Debt ◽  
Purposive Sampling ◽  
Listed Firms ◽  
Beverage Industry ◽  
Food And Beverage Industry ◽  
Food And Beverage ◽  
Student Version ◽  
The Cost

The purpose of this study is to find out the effect of debt to asset ratio, firm size, and tax avoidance on the cost of debt of the listed firms of the food and beverage industry in Indonesia Stock Exchange period 2015-2018. This study uses pooled OLS regression, using 10 companies over 4 years that have been selected by purposive sampling and resulting 40 samples data. This study uses Eviews 10 student version software. The results of this study show that debt to asset ratio and firms size have positive effect and significantly on cost of debt, however tax avoidance does not significantly influence on cost of debt. Tujuan dari penelitian ini adalah untuk mengetahui pengaruh debt to asset ratio, ukuran perusahaan, dan penghindaran pajak terhadap biaya utang pada perusahaan industri makanan dan minuman yang terdaftar di Bursa Efek Indonesia periode 2015-2018. Penelitian ini menggunakan regresi data panel OLS, menggunakan 10 perusahaan selama 4 tahun yang telah diseleksi menggunakan purposive sampling dan menghasilkan 40 sampel data. Pengujian yang dilakukan pada penelitian ini dengan software Eviews 10 student version. Hasil dari penelitian ini adalah debt to asset ratio dan ukuran perusahaan berpengaruh positif dan signifikan terhadap biaya utang, namun penghindaran pajak tidak berpengaruh secara signifikan terhadap biaya utang.

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