Andreas Andrikopoulos | University of Piraeus (original) (raw)

Papers by Andreas Andrikopoulos

International Journal of Finance & Economics, 2020

SSRN Electronic Journal, 2020

This paper explores the business transactions between a company and its own shareholders, or thei... more This paper explores the business transactions between a company and its own shareholders, or their affiliates, also known as related party transactions, by compiling a unique panel data set of US public maritime shipping companies for 2011 to 2018, a period of ample liquidity due to extensive quantitative easing programs. We provide empirical evidence that profitability, financial leverage, firm size, board size and board independence are important determinants of related party transactions. In addition, we provide empirical support that above-average operating RPTs and above-average financing RPTs are associated with above-average operating expenses and below average interest expenses, respectively. These empirical findings yield important implications for maritime shipping practitioners and regulators.

Journal of Corporate Finance, 2018

Corporate Governance: The International Journal of Business in Society, 2019

PurposeThis paper aims to explore internal audit effectiveness through its contribution to corpor... more PurposeThis paper aims to explore internal audit effectiveness through its contribution to corporate governance. Namely, the authors attempt to investigate the impact of internal audit professionalization on internal audit’s contribution to corporate governance.Design/methodology/approachUsing a research framework informed by institutional theory, the authors predict that internal audit’s contribution to corporate governance is associated with factors related to internal audit professionalization. To investigate the arguments, the authors combine data from a survey of 49 listed companies in the Athens Stock Exchange with publicly available information from annual reports.FindingsEmpirical results indicate that internal audit professionalization affects internal audit effectiveness, as internal audit’s contribution to corporate governance is improved for organizations where internal audit function complies with internal auditing standards and internal auditors hold professional certi...

Corporate Governance: The International Journal of Business in Society, 2019

PurposeThis paper aims to explore the effect of interlocking directorates on agency conflicts and... more PurposeThis paper aims to explore the effect of interlocking directorates on agency conflicts and corporate performance in the shipping industry.Design/methodology/approachThe authors use social network analysis to discover central nodes in the network of personal and corporate connections in an international sample of 110 listed shipping companies.FindingsAssessing network structure, the authors find that the network of corporate leaders is denser than the network of shipping companies. The network of shipping companies is populated with many isolated nodes; the network of shipping executives and directors is populated with many cohesive groups in which the longest distance between two corporate leaders is two companies. The authors find that interlocking corporate leadership can help resolve agency conflicts in the shipping industry, bearing a negative effect on the magnitude of agency costs. The extent of leadership overlaps is associated with board size, financial leverage and p...

SSRN Electronic Journal, 2015

We explore the range and dynamics of international collaboration among auditing scholars. Our sam... more We explore the range and dynamics of international collaboration among auditing scholars. Our sample spans the period from 1997 to 2014 and includes all research papers in the field of auditing which were published in six auditing journals and six journals of broader accounting readership. We find that auditing research is largely collaborative. However, international collaborations account only for 25.04% of collaborative work in auditing. The majority of publishing scholars are affiliated with USA-based institutions, even though at a declining rate. Practitioners also engage in collaborative auditing research, but their participation in published research output has gradually declined.

Maritime Policy & Management, 2018

We investigate secondhand vessel price heterogeneity. Based on a sample of 5,591 purchase and sal... more We investigate secondhand vessel price heterogeneity. Based on a sample of 5,591 purchase and sale transactions in the dry bulk sector over the period 1998-2016, we deploy a nonparametric regression technique to assess the determinants of vessel price and vessel price variability. Next, we use quantile regression to estimate the effect of regressors (sources of heterogeneity) at different parts of the vessel price distribution. We find evidence that main sources of vessel price heterogeneity are the age of the ship (the older the vessel the higher its maintenance cost), the 3-month LIBOR (reflecting the cost of financing) and the annual charter rate (revenues from operation). Their influence is stronger at all higher quantiles (periods of expansion) and the median of the vessel price distribution.

International Journal of Tourism Research, 2016

This study explores the determinants of Internet financial disclosure in the travel and leisure i... more This study explores the determinants of Internet financial disclosure in the travel and leisure industry. Studying the case of the firms that are listed in the London Stock Exchange, we employ the generalized method of moments in order to investigate the cross-sectional variation in the quantity of financial information, which is disclosed on corporate websites of travel and leisure firms. We find that disclosure is positively associated with corporate size, financial leverage, concentrated ownership, dual listing and profitability. We also discover that profitability is not only a determinant of financial disclosure in the travel and leisure industry but also its consequence: More profitable firms yield more requests for transparency among their stakeholders, and they also have the necessary resources to respond to these requests.

International Review of Financial Analysis, 2016

Acknowledgments are a special kind of intellectual partnership. Acknowledged scientists in publis... more Acknowledgments are a special kind of intellectual partnership. Acknowledged scientists in published papers are called subauthors. We examine collaboration patterns between authors and subauthors in four finance journals from 1994 to 2013: the Journal of Finance, the Review of Financial Studies, the Journal of Financial Economics and the Journal of Financial and Quantitative Analysis. We employ social network analysis and discover that the majority of subauthors form a compact giant component with small average distances between the nodes. Moreover, the subauthorship network in finance has a non-overlapping structure, exhibiting low clustering coefficients and a plethora of cohesive groups of nodes.

International Review of Financial Analysis, 2014

Trading activity in G7 stock markets reflects not only the macroeconomic and financial impact of ... more Trading activity in G7 stock markets reflects not only the macroeconomic and financial impact of these G7 economies in international economic growth, but also their financial interdependence. While this nexus of major stock market has been explored in terms of volatility and return spillovers, there has been no combined analysis of return, volatility and illiquidity spillovers. We study illiquidity spillovers because they are transmissions of trading activity and, thereof, transmissions of information and market sentiment. We discover Granger-causal associations between risk, return and illiquidity across G7 stock market and also within each stock market. Our findings bear significance for the regulation of international financial markets and also for international portfolio diversification.

SSRN Electronic Journal, 2005

This paper introduces a normative view on corporate reputation management; an algorithmic model f... more This paper introduces a normative view on corporate reputation management; an algorithmic model for reputation-driven strategic decision making is proposed and corporate reputation is conceptualized as influenced by a selection among organizational priorities. A portfolio-based approach is put forward; we draw on the foundations of portfolio theory and we create a portfolio-based reputation management model where reputation components and priorities are weighted by decision makers and shape organizational change in an attempt to formulate a corporate reputation strategy. The rationale of this paper is based on the foundational consideration of organizations as choosing the optimal strategy by seeking to maximize performance on corporate reputation capital while maintaining organizational stability and minimizing organizational risk.

Social Science Research Network, 2015

We try to explain the origins and the dynamics of the sovereign debt crisis in Greece, in the con... more We try to explain the origins and the dynamics of the sovereign debt crisis in Greece, in the context of critical realist economics. The origins of the Greek crisis are discovered in the global credit crisis of 2007 and are rooted in the institutional design of the Eurozone and the fiscal and institutional weaknesses of the Greek economy. We explore the period from the outbreak of the crisis in late 2009 until the return of the Greek government to bond markets in April 2014. We discuss the dynamics of the crisis as outcomes of the choices made by Greek and European citizens, Greek and European political leaders, international policy makers and capital market participants. Our analysis demonstrates how important actors set the mechanism of the crisis in motion, either by reproducing or by transforming the structures which underlie Greek and European political economies.

SSRN Electronic Journal

This paper reviews social finance. Venture philanthropy, microfinance, crowdfunding and social im... more This paper reviews social finance. Venture philanthropy, microfinance, crowdfunding and social impact bonds are financial and social innovations that reshape capital markets, the production of public goods, entrepreneurship and the fundamental principles of financial analysis. In this context, the pursuit of social and environmental impact is assessed alongside the tradeoff between risk and expected return. The market for impact investments consists of suppliers of capital, recipients of capital, the institutional framework and financing flows. This paper describes the financial market for the pursuit of impact and highlights principal challenges, such as the small scale and long horizon of social ventures, the lack of standardized reporting and financial measures for social outcomes, as well as the elusive causality between impact investments and social change.

International Journal of Banking, Accounting and Finance

We explore social networks of scientific collaboration in banking research. Collaboration is meas... more We explore social networks of scientific collaboration in banking research. Collaboration is measured with co-authorship partnerships between individual scientists, institutions and countries. We employ a sample of published research in banking journals over the last 25 years and discuss the social structure of collaborations in banking papers. We find the most central authors, institutions and countries in banking research. We also discover that the network of banking research has small-world properties; the collaboration between authors, institutions and countries is highly clustered and most nodes in the network are closely connected.

Transportation Research Part A: Policy and Practice, Jan 31, 2013

Dissemination of information via corporate websites is considered to be desirable, because it con... more Dissemination of information via corporate websites is considered to be desirable, because it constitutes a way round modes of market failure, such as asymmetric information in capital markets and agency problems. This paper explores the relationship between internet disclosure, profitability and financial structure in the shipping sector. Its value added lies in treating the disclosure–profitability relationship as a two-way relationship: while previous research concentrates on profitability as the main driver for greater internet disclosure, we ...

Http Dx Doi Org 10 1080 09603107 2014 925054, Jul 1, 2014

Journal of Econometrics, 2016

Research in International Business and Finance, Aug 1, 2014

International Journal of Finance & Economics, 2020

SSRN Electronic Journal, 2020

This paper explores the business transactions between a company and its own shareholders, or thei... more This paper explores the business transactions between a company and its own shareholders, or their affiliates, also known as related party transactions, by compiling a unique panel data set of US public maritime shipping companies for 2011 to 2018, a period of ample liquidity due to extensive quantitative easing programs. We provide empirical evidence that profitability, financial leverage, firm size, board size and board independence are important determinants of related party transactions. In addition, we provide empirical support that above-average operating RPTs and above-average financing RPTs are associated with above-average operating expenses and below average interest expenses, respectively. These empirical findings yield important implications for maritime shipping practitioners and regulators.

Journal of Corporate Finance, 2018

Corporate Governance: The International Journal of Business in Society, 2019

PurposeThis paper aims to explore internal audit effectiveness through its contribution to corpor... more PurposeThis paper aims to explore internal audit effectiveness through its contribution to corporate governance. Namely, the authors attempt to investigate the impact of internal audit professionalization on internal audit’s contribution to corporate governance.Design/methodology/approachUsing a research framework informed by institutional theory, the authors predict that internal audit’s contribution to corporate governance is associated with factors related to internal audit professionalization. To investigate the arguments, the authors combine data from a survey of 49 listed companies in the Athens Stock Exchange with publicly available information from annual reports.FindingsEmpirical results indicate that internal audit professionalization affects internal audit effectiveness, as internal audit’s contribution to corporate governance is improved for organizations where internal audit function complies with internal auditing standards and internal auditors hold professional certi...

Corporate Governance: The International Journal of Business in Society, 2019

PurposeThis paper aims to explore the effect of interlocking directorates on agency conflicts and... more PurposeThis paper aims to explore the effect of interlocking directorates on agency conflicts and corporate performance in the shipping industry.Design/methodology/approachThe authors use social network analysis to discover central nodes in the network of personal and corporate connections in an international sample of 110 listed shipping companies.FindingsAssessing network structure, the authors find that the network of corporate leaders is denser than the network of shipping companies. The network of shipping companies is populated with many isolated nodes; the network of shipping executives and directors is populated with many cohesive groups in which the longest distance between two corporate leaders is two companies. The authors find that interlocking corporate leadership can help resolve agency conflicts in the shipping industry, bearing a negative effect on the magnitude of agency costs. The extent of leadership overlaps is associated with board size, financial leverage and p...

SSRN Electronic Journal, 2015

We explore the range and dynamics of international collaboration among auditing scholars. Our sam... more We explore the range and dynamics of international collaboration among auditing scholars. Our sample spans the period from 1997 to 2014 and includes all research papers in the field of auditing which were published in six auditing journals and six journals of broader accounting readership. We find that auditing research is largely collaborative. However, international collaborations account only for 25.04% of collaborative work in auditing. The majority of publishing scholars are affiliated with USA-based institutions, even though at a declining rate. Practitioners also engage in collaborative auditing research, but their participation in published research output has gradually declined.

Maritime Policy & Management, 2018

We investigate secondhand vessel price heterogeneity. Based on a sample of 5,591 purchase and sal... more We investigate secondhand vessel price heterogeneity. Based on a sample of 5,591 purchase and sale transactions in the dry bulk sector over the period 1998-2016, we deploy a nonparametric regression technique to assess the determinants of vessel price and vessel price variability. Next, we use quantile regression to estimate the effect of regressors (sources of heterogeneity) at different parts of the vessel price distribution. We find evidence that main sources of vessel price heterogeneity are the age of the ship (the older the vessel the higher its maintenance cost), the 3-month LIBOR (reflecting the cost of financing) and the annual charter rate (revenues from operation). Their influence is stronger at all higher quantiles (periods of expansion) and the median of the vessel price distribution.

International Journal of Tourism Research, 2016

This study explores the determinants of Internet financial disclosure in the travel and leisure i... more This study explores the determinants of Internet financial disclosure in the travel and leisure industry. Studying the case of the firms that are listed in the London Stock Exchange, we employ the generalized method of moments in order to investigate the cross-sectional variation in the quantity of financial information, which is disclosed on corporate websites of travel and leisure firms. We find that disclosure is positively associated with corporate size, financial leverage, concentrated ownership, dual listing and profitability. We also discover that profitability is not only a determinant of financial disclosure in the travel and leisure industry but also its consequence: More profitable firms yield more requests for transparency among their stakeholders, and they also have the necessary resources to respond to these requests.

International Review of Financial Analysis, 2016

Acknowledgments are a special kind of intellectual partnership. Acknowledged scientists in publis... more Acknowledgments are a special kind of intellectual partnership. Acknowledged scientists in published papers are called subauthors. We examine collaboration patterns between authors and subauthors in four finance journals from 1994 to 2013: the Journal of Finance, the Review of Financial Studies, the Journal of Financial Economics and the Journal of Financial and Quantitative Analysis. We employ social network analysis and discover that the majority of subauthors form a compact giant component with small average distances between the nodes. Moreover, the subauthorship network in finance has a non-overlapping structure, exhibiting low clustering coefficients and a plethora of cohesive groups of nodes.

International Review of Financial Analysis, 2014

Trading activity in G7 stock markets reflects not only the macroeconomic and financial impact of ... more Trading activity in G7 stock markets reflects not only the macroeconomic and financial impact of these G7 economies in international economic growth, but also their financial interdependence. While this nexus of major stock market has been explored in terms of volatility and return spillovers, there has been no combined analysis of return, volatility and illiquidity spillovers. We study illiquidity spillovers because they are transmissions of trading activity and, thereof, transmissions of information and market sentiment. We discover Granger-causal associations between risk, return and illiquidity across G7 stock market and also within each stock market. Our findings bear significance for the regulation of international financial markets and also for international portfolio diversification.

SSRN Electronic Journal, 2005

This paper introduces a normative view on corporate reputation management; an algorithmic model f... more This paper introduces a normative view on corporate reputation management; an algorithmic model for reputation-driven strategic decision making is proposed and corporate reputation is conceptualized as influenced by a selection among organizational priorities. A portfolio-based approach is put forward; we draw on the foundations of portfolio theory and we create a portfolio-based reputation management model where reputation components and priorities are weighted by decision makers and shape organizational change in an attempt to formulate a corporate reputation strategy. The rationale of this paper is based on the foundational consideration of organizations as choosing the optimal strategy by seeking to maximize performance on corporate reputation capital while maintaining organizational stability and minimizing organizational risk.

Social Science Research Network, 2015

We try to explain the origins and the dynamics of the sovereign debt crisis in Greece, in the con... more We try to explain the origins and the dynamics of the sovereign debt crisis in Greece, in the context of critical realist economics. The origins of the Greek crisis are discovered in the global credit crisis of 2007 and are rooted in the institutional design of the Eurozone and the fiscal and institutional weaknesses of the Greek economy. We explore the period from the outbreak of the crisis in late 2009 until the return of the Greek government to bond markets in April 2014. We discuss the dynamics of the crisis as outcomes of the choices made by Greek and European citizens, Greek and European political leaders, international policy makers and capital market participants. Our analysis demonstrates how important actors set the mechanism of the crisis in motion, either by reproducing or by transforming the structures which underlie Greek and European political economies.

SSRN Electronic Journal

This paper reviews social finance. Venture philanthropy, microfinance, crowdfunding and social im... more This paper reviews social finance. Venture philanthropy, microfinance, crowdfunding and social impact bonds are financial and social innovations that reshape capital markets, the production of public goods, entrepreneurship and the fundamental principles of financial analysis. In this context, the pursuit of social and environmental impact is assessed alongside the tradeoff between risk and expected return. The market for impact investments consists of suppliers of capital, recipients of capital, the institutional framework and financing flows. This paper describes the financial market for the pursuit of impact and highlights principal challenges, such as the small scale and long horizon of social ventures, the lack of standardized reporting and financial measures for social outcomes, as well as the elusive causality between impact investments and social change.

International Journal of Banking, Accounting and Finance

We explore social networks of scientific collaboration in banking research. Collaboration is meas... more We explore social networks of scientific collaboration in banking research. Collaboration is measured with co-authorship partnerships between individual scientists, institutions and countries. We employ a sample of published research in banking journals over the last 25 years and discuss the social structure of collaborations in banking papers. We find the most central authors, institutions and countries in banking research. We also discover that the network of banking research has small-world properties; the collaboration between authors, institutions and countries is highly clustered and most nodes in the network are closely connected.

Transportation Research Part A: Policy and Practice, Jan 31, 2013

Dissemination of information via corporate websites is considered to be desirable, because it con... more Dissemination of information via corporate websites is considered to be desirable, because it constitutes a way round modes of market failure, such as asymmetric information in capital markets and agency problems. This paper explores the relationship between internet disclosure, profitability and financial structure in the shipping sector. Its value added lies in treating the disclosure–profitability relationship as a two-way relationship: while previous research concentrates on profitability as the main driver for greater internet disclosure, we ...

Http Dx Doi Org 10 1080 09603107 2014 925054, Jul 1, 2014

Journal of Econometrics, 2016

Research in International Business and Finance, Aug 1, 2014