Efthalia Tabouratzi - Academia.edu (original) (raw)

Papers by Efthalia Tabouratzi

Research paper thumbnail of Innovation and SMEs Financial Distress During the Crisis Period: The Greek Paradigm

The economic crisis in recent years has brought significant challenges in almost all business and... more The economic crisis in recent years has brought significant challenges in almost all business and shown that exogenous factors act as catalysts in markets. As a consequence of such a result, there is a need to highlight the importance of implementing models for analyzing potential future firms’ behavior, namely creating models for assessing potential economic impact that contribute a lot in avoiding firms’ financial default. This chapter focuses on describing factors affecting business risk associated with Altman’s score and proposes a model in which indicators used are critical for firms’ financial distress. Altman’s Z-score is used to formulate SMEs’ risk zone category in comparison with key factors associated with firms’ viability, such as ERP and Patents use, Age of firms, SMEs cooperation with universities and research centers to implement successful products and services, as well as the number of women in board, all derived from a field research. The aim of this chapter is to ...

Research paper thumbnail of International Accounting Standards (IAS). Transition of Existing to New Accounting Standards in a Rapid Changing Environment. The Impact of Adoption of New Accounting Standards in the Developed Economies in European Union. Conclusions, Expectations and Perspectives

Journal of Economics and Public Finance

Adopting a set of accounting standards on a global level derives from the growing globalization o... more Adopting a set of accounting standards on a global level derives from the growing globalization of international economies. However, the transition from old to new ones is challenging in a rapidly changing economic environment. This article presents an assessment of IFRS 8 (Operating Segments) adoption, after replacing IAS 14 (Segment Reporting), and examines the impact occurred in the developed economies within the EU, with relevant considerations referring to the current COVID-19 global pandemic situation.This study analyzes the effect of this controversial standard on segment reporting and attempts to identify the determinants of changes in disclosure practices. Based on a four country sample, the current research identifies specific significant financial information changes, although segmentation remains relatively stable. Furthermore, the study includes relevant considerations on reporting, as reflected from current COVID-19 pandemic.The present research includes a historical r...

Research paper thumbnail of History of Greece’s Debt Crisis and the Banking Policy

Two centuries of Greek debt emergencies highlight the traps of depending on outside financing. Si... more Two centuries of Greek debt emergencies highlight the traps of depending on outside financing. Since its autonomy in 1829, the Greek government has defaulted four times on its outside creditors, and it was safeguarded in every crisis. Firstly, this chapter demonstrates that cycles of outside crises and reliance are a perpetual topic of Greek present-day history—with rehashing designs: before the default, there is a time of substantial acquiring from remote private loan bosses. Secondly, it analyzes the period from 2008 in more detail to present and the role that the banks play in four times defaults. As reimbursement challenges emerge, foreign governments venture in, help to reimburse the private leasers, and request spending cuts and alteration programs as a condition for the authority bailout advances. Political obstruction from abroad mounts and a drawn out scene of obligation shade and monetary autarky takes after. At present, there is considerable evidence to suggest that a sub...

Research paper thumbnail of Efficiency in banking: does the choice of inputs and outputs matter

International Journal of Computational Economics and Econometrics

Research paper thumbnail of Determinants of Failure in Greek Manufacturing SMEs

The globalization and the global financial crisis provide a new extremely competitive environment... more The globalization and the global financial crisis provide a new extremely competitive environment for small and medium sized enterprises (SMEs). During the latest years, the increased number of firms' default has generated the need of understanding the factors of firms' default, as SMEs in periods of financial crisis suffer from lack of financial resources and expensive bank lending. We use a sample of 3600 Greek manufacturing firms (9 Sectors), covering the time period of 2003-2011 (9 years). We run a panel regression model with correction for fixed effects in both the cross-section and period dimensions using as dependent variable the calculated Z-Score of each firm, and as independent variables several financial ratios, as well as the exporting activity and the use of International Financial Reporting Standards (IFRS Accounting Standards). We find that firms presenting higher performance in terms of ROA and sales and higher leverage levels that enhance their liquidity as well are healthier in terms of Z-score than their less profitable counterparts and acquire lower rates of probability of default: in other words, less risk. The results of the study can lead to policy implications for both Managers and the Government in order to enhance the growth of Greek manufacturing sector.

Research paper thumbnail of Innovation and SMEs Financial Distress During the Crisis Period: The Greek Paradigm

The economic crisis in recent years has brought significant challenges in almost all business and... more The economic crisis in recent years has brought significant challenges in almost all business and shown that exogenous factors act as catalysts in markets. As a consequence of such a result, there is a need to highlight the importance of implementing models for analyzing potential future firms’ behavior, namely creating models for assessing potential economic impact that contribute a lot in avoiding firms’ financial default. This chapter focuses on describing factors affecting business risk associated with Altman’s score and proposes a model in which indicators used are critical for firms’ financial distress. Altman’s Z-score is used to formulate SMEs’ risk zone category in comparison with key factors associated with firms’ viability, such as ERP and Patents use, Age of firms, SMEs cooperation with universities and research centers to implement successful products and services, as well as the number of women in board, all derived from a field research. The aim of this chapter is to ...

Research paper thumbnail of International Accounting Standards (IAS). Transition of Existing to New Accounting Standards in a Rapid Changing Environment. The Impact of Adoption of New Accounting Standards in the Developed Economies in European Union. Conclusions, Expectations and Perspectives

Journal of Economics and Public Finance

Adopting a set of accounting standards on a global level derives from the growing globalization o... more Adopting a set of accounting standards on a global level derives from the growing globalization of international economies. However, the transition from old to new ones is challenging in a rapidly changing economic environment. This article presents an assessment of IFRS 8 (Operating Segments) adoption, after replacing IAS 14 (Segment Reporting), and examines the impact occurred in the developed economies within the EU, with relevant considerations referring to the current COVID-19 global pandemic situation.This study analyzes the effect of this controversial standard on segment reporting and attempts to identify the determinants of changes in disclosure practices. Based on a four country sample, the current research identifies specific significant financial information changes, although segmentation remains relatively stable. Furthermore, the study includes relevant considerations on reporting, as reflected from current COVID-19 pandemic.The present research includes a historical r...

Research paper thumbnail of History of Greece’s Debt Crisis and the Banking Policy

Two centuries of Greek debt emergencies highlight the traps of depending on outside financing. Si... more Two centuries of Greek debt emergencies highlight the traps of depending on outside financing. Since its autonomy in 1829, the Greek government has defaulted four times on its outside creditors, and it was safeguarded in every crisis. Firstly, this chapter demonstrates that cycles of outside crises and reliance are a perpetual topic of Greek present-day history—with rehashing designs: before the default, there is a time of substantial acquiring from remote private loan bosses. Secondly, it analyzes the period from 2008 in more detail to present and the role that the banks play in four times defaults. As reimbursement challenges emerge, foreign governments venture in, help to reimburse the private leasers, and request spending cuts and alteration programs as a condition for the authority bailout advances. Political obstruction from abroad mounts and a drawn out scene of obligation shade and monetary autarky takes after. At present, there is considerable evidence to suggest that a sub...

Research paper thumbnail of Efficiency in banking: does the choice of inputs and outputs matter

International Journal of Computational Economics and Econometrics

Research paper thumbnail of Determinants of Failure in Greek Manufacturing SMEs

The globalization and the global financial crisis provide a new extremely competitive environment... more The globalization and the global financial crisis provide a new extremely competitive environment for small and medium sized enterprises (SMEs). During the latest years, the increased number of firms' default has generated the need of understanding the factors of firms' default, as SMEs in periods of financial crisis suffer from lack of financial resources and expensive bank lending. We use a sample of 3600 Greek manufacturing firms (9 Sectors), covering the time period of 2003-2011 (9 years). We run a panel regression model with correction for fixed effects in both the cross-section and period dimensions using as dependent variable the calculated Z-Score of each firm, and as independent variables several financial ratios, as well as the exporting activity and the use of International Financial Reporting Standards (IFRS Accounting Standards). We find that firms presenting higher performance in terms of ROA and sales and higher leverage levels that enhance their liquidity as well are healthier in terms of Z-score than their less profitable counterparts and acquire lower rates of probability of default: in other words, less risk. The results of the study can lead to policy implications for both Managers and the Government in order to enhance the growth of Greek manufacturing sector.