Modern Financial Tools that Can be Used by Municipalities: An Empirical Investigation from Greece

Abstract

1. Introduction Municipalities are autonomous economic and administrative entities, with common actions and responsibilities. However, not all municipalities are the same when considering specific geographic, demographic, economic and other characteristics (Pallis, 2011). In Greece, the institutional framework surrounding Local Authorities prevented them from playing an essential role, due to their limited responsibilities and economic means. (Pallis and Pallis, 2013) Within this framework the following question emerge, which constitute the main line of research: * What are the modern financial tools that can be used by municipalities? * How they evaluate them? * What they suggest what and what they prefer? The next chapter presents the methodology used with a description of the sampling and data collecting processes, the definition of the population, the determination of the sampling frame, the definition of the sampling unit, etc. In the third chapter, results of the methodological approach will be set out, while in the fourth chapter data analysis results will be presented. Finally, in the fifth chapter the overall results of the study will be given. 2. Methodology 2.1 General This chapter presents the research methodology adopted in conducting this empirical project. More specifically, it includes: (a) the definition of population and the study sample, (b) the data collecting method, (c) the response to the survey and the characteristics of Municipalities participating, (d) the process whereby the research tool used to collect data was created (structured questionnaire) and its analytical presentation. 2.2 Sampling and Data Collection Process The process of choosing the sample and collecting data is complex and includes six stages (Stathakopoulos, 2001): * Definition of population, * Determination of the sampling frame, * Definition of sampling unit, * Determination of sample size, * Implementation. From this process the total number of respondents that will participate in the survey emerges. 2.3 Definition of Population The first and most important step in the primary data collection process is to define characteristics on the basis of which the population to be examined will be defined (Churchill and Iacobucci, 2002). The full definition of the population requires the inclusion of four basic parameters: the item, the sampling unit, the extent of the sampling and the time (Parasuraman et al., 2004). The item and sampling unit in this survey are defined as the Municipalities of Greece, the extent of sampling concerned the whole of the Greek state and the time it was conducted was from 10 June 2010 up to 30 September 2010. Communities in Greece were excluded from the population in the survey due to their small size and different needs in relation to the Municipalities. So in the end, the survey population was defined as being the 914 Greek Municipalities throughout the state, as recorded in the inventory of the National Statistical Service (2001). 2.4 Determination of the Sampling Frame The next step, after defining the population to be examined, is to locate a sampling frame which must be composed of the fullest and most accurate inventory possible of members of the population to be examined (Churchill and Iacobucci, 2002). The sampling frame used in this survey was the most recent inventory of the National Statistical Service (2001) which includes the census of the population of Greece based on geographical Districts, Prefectures, Municipalities and Communities. 2.5 Definition of the Sampling Unit The sampling units were defined as being the Greek Municipalities. As regards the respondents from whom survey data was collected, the > was used, meaning the person in the survey unit (Municipality of Greece) who had the greatest knowledge of the subject of the survey. …