Greek Market Research Articles

Consumers' responses on the emergence of influencer marketing in Greek market place

Today, companies tend to spend a great deal of their resources to attract public attention and influence the decision-making process. In their effort, they usually ignore the fact that consumers are in many cases affected by other people who trust them. In this context, influencer marketing is a new and very important issue that is a trend in the marketing industry and it is seen as a new way to influence purchasing decisions in the chaotic environment of the internet and social media. Based on the above, this research aimed to investigate the views of consumers towards influencers. A questionnaire was used to conduct the survey and the results showed, among other things, that mega influencers are considered to be the most appealing, macro influencers are considered to be highly specialised, while micro influencers are considered the most trusted and authentic.

Sustainable Visual Analysis for Bank Non-Performing Loans and Government Debt Distress

This article visualizes bank non-performing loans (NPLs) and government debt distress data integration and an outcome classification after the outbreak of European sovereign debt. Linear and functional principal component analysis (FPCA) and biclustering are used to show the clustering pattern of NPLs and government debt for 25 EU and BRICS countries (Brazil, Russia, India, China and South Africa) during the period of 2006 to 2017 through high-dimensional visualizations. The results demonstrate that the government debt markets of EU countries experienced a similar trend in terms of NPLs, with a similar size of NPLs across debt markets. Through visualization, we find that the government debt and NPLs of EU and BRICS countries increased drastically after the crisis, and crisis countries are contagious. However, the impact of the Greek debt crisis is lower for non-crisis countries, because the debt markets of these countries are decoupled from the Greek market. We also find that sovereign debtors in the EU countries have much closer fiscal linkages than BRICS countries. The level of crisis in the EU countries will be higher than that in the BRICS countries if crisis is driven by the common shocks of macroeconomic fundamentals.

Digital marketing in tourism: why Greek tourists use digital marketing applications like Airbnb

Purpose The purpose of this paper is to explore the attitudes of tourists toward digital marketing applications related to peer-to-peer short-term rental services within the sharing economy in the tourism sector. It aims to identify the factors that make Greek tourists to use these applications and to classify them into groups according to their attitudes toward these websites and to profile each group of tourists according to their personal and demographic characteristics and their preferences regarding their holidays/travel. Design/methodology/approach A primary survey was conducted in April 2018 for a random selected sample of Greek tourists. Principal component analysis was conducted to identify the main factors that affect tourists in using digital marketing application related to peer-to-peer short-term rental services within the sharing economy in the tourism sector. Cluster analysis was performed to classify tourists into groups according to their attitudes toward the use of these websites while discriminant analysis was conducted to check cluster predictability. Non-parametric tests, including the chi-square test, were performed to profile each strategic group according to their demographic characteristics and their preferences regarding their holidays/travel. Findings The study classified tourists into three groups, i.e. pioneers, convenience seekers and conscious, according to their attitudes toward the use of such applications. Research limitations/implications The choice for the Greek context of the research is justified by the fact that Greece has suffered from recession in the last decade, but it is also a tourism-friendly country. The empirical results of this pioneer study should trigger further investigation. Although tourists’ behavior towards the adoption of digital marketing application related to peer-to-peer rental services within the sharing economy in the tourism sector might be culturally specific and the results are mainly applicable in the Greek market, they could be generalized in other countries with similar characteristics in both Greece and other parts with similar characteristics. Practical implications Tourists are extremely important both for developers and policy makers in tourism industry. For developers such information is important because the expectation of viable markets will motivate investments. For policy makers, this type of information will help them to respond more adequately through regulation tools and programs. From a practical perspective, the tourism operators may benefit from focusing on their differentiating features and aligning their marketing communication with their tourists’ aspirations by developing, optimizing and customizing their websites according to the needs of the customers and the extension of touristic activities to other sectors of tourism industry. Social implications Visitors who choose Airbnb accommodations spend more days travelling; consequently, the market size of the tourism industry expands from the increase in the number of visitors. Originality/value The originality of the paper derives from the understanding of the tourists’ behavior toward the adoption of digital marketing applications related to peer-to-peer rental services within the sharing economy in the tourism sector. More specifically, it identifies the factors that make Greek tourists to use those applications, classifies them into groups according to their attitudes towards those websites and profiles each group of tourists according to their personal and demographic characteristics and their preferences regarding their holidays/travel.

An Investigation of the Impact of Facebook and Instagram on Consumer Buying Behaviour: The Case of Retail Fashion Consumers in Rhodes, Greece

Purpose: The aim of this paper is to explore the impact of Facebook and Instagram on consumer buying behaviour in the retail fashion market in Rhodes, Greece. We look at the extent to which the two social media influence Rhodian consumer preferences toward certain stores and at whether Rhodians use these social media for fashion information and inspiration. Design/methodology/approach: The study is conducted online, using quantitative methodology and close-ended survey questionnaires to obtain data. Findings: We find that Facebook and Instagram influence Rhodian consumer behaviour. Rhodians believe that the two social media are a good way to follow fashion trends and that fashion is more accessible because of Facebook and Instagram compared to five years ago. The Rhodians seem to be getting fashion inspiration from Facebook and/or Instagram but more in a passive manner than through active engagement with fashion on the two social media. Research limitations/implications: Our findings demonstrate that Facebook and Instagram are very powerful in bringing fashion closer to consumers and they underline the role that these social media can plan in the marketing mix. Our findings can be used by fashion retailers to inform their social media engagement strategies and decisions. Our research can be extended to investigate the impact of different social media constructs on consumer behaviour and to look at what type of social media content may be more impactful in shaping shopping behaviour. Originality/value: Research on the subject of how social media impacts the behaviour of fashion consumers in Greece is limited and literature on the retail fashion market is noticeably scarce. Studies published on the topic of social media influencing consumer decisions with a focus on the Greek market are almost exclusively confined to the tourism sector. Our findings can be used by fashion retailers to inform their social media engagement strategies and decisions.

An Insight into Ingredients of Toxicological Interest in Personal Care Products and A Small–Scale Sampling Survey of the Greek Market: Delineating a Potential Contamination Source for Water Resources

Wastewater is not a waste but a valuable resource that should be reused. Nevertheless, it should be devoid of physical, chemical, and microbiological parameters that can harm the consumer. Along with the multitude of possible pollutants found in wastewater treatment plants (WWTPs), emerging pollutants, such as Personal Care Products (PCPs), have arisen. The present research examines some of the main ingredients commonly found in PCPs, focusing on their toxicological profile on their occurrence in WWTPs influents and effluents worldwide and on their persistence and biodegradability. A small-scale market sampling of PCPs was performed in Athens, Greece, in June 2019, and their individual ingredients were recorded, coded according to their main activity, scanned for the presence of ingredients of important toxicological profile, and finally analyzed for the presence of other candidates of toxicological interest. Results show that some ingredients of concern (i.e., parabens and triclosan) are a decreasing trend. On the other hand, information on the presence of synthetic musks and perfume synthesis is scarce and encumbered by brand protection. Finally, UV filters are numerous, and they are used in various combinations, while other ingredients of toxicological interest are also present. Since the reclaimed water may well be used to cover irrigation needs in Greek areas with water deficiency or to enrich bodies of surface water, it is important to know what PCP ingredients are on the rise in the market, to monitor their presence in WWTPs influents and effluents and to extend research on their environmental fate and behavior.

State-of-the-art on monolingual lexicography for Greece (EL)


 
 
 The authors report on a recent survey on monolingual dictionaries available on the Greek market. General dictionaries outnumber spelling and educational ones and enjoy a prestigious status. Only one general dictionary is digitally born and only two are available through the web, but several are available as CDs. Most of the prestigious dictionaries have received public funding but not all. Lexicography is well considered in Greece where printed dictionaries seem to still have the lead.
 
 

Automated Stopped-Flow Fluorimetric Sensor for Biologically Active Adamantane Derivatives Based on Zone Fluidics.

A zone-fluidics (ZF) based automated fluorimetric sensor for the determination of pharmaceutically active adamantine derivatives, i.e., amantadine (AMA), memantine (MEM) and rimantadine (RIM) is reported. Discrete zones of the analytes and reagents (o-phthalaldehyde and N-acetylcysteine) mix and react under stopped-flow conditions to yield fluorescent iso-indole derivatives (λex/ λem = 340/455 nm). The proposed ZF sensor was developed and validated to prove suitable for quality control tests (assay and content uniformity) of commercially available formulations purchased from the Greek market (EU licensed) and from non-EU web-pharmacies at a sampling rate of 16 h−1. Interestingly, a formulation obtained through the internet and produced in a third—non-EU—country (AMA capsules, 100 mg per cap), was found to be out of specifications (mean assay of 85.3%); a validated HPLC method was also applied for confirmatory purposes.

PRO18 BUDGET IMPACT ANALYSIS OF DAMOCTOCOG ALFA PEGOL IN SEVERE HEMOPHILIA A IN GREECE

To estimate the impact on the Greek public payer budget from the use of damoctocog alfa pegol (DaPeg), an extended half-life recombinant factor VIII, for prophylactic and on-demand (OD)-treatment of patients ≥12 years with severe haemophilia A (HemA) having received previous treatment in Greece. A 5-year budget impact model (BIM) was adapted with local data. The BIM compares a market scenario where a proportion of HemA patients receives DaPeg to an alternative market scenario where DaPeg is not available and patients are treated with available comparators, namely efmoroctocog-alfa, turoctocog-alfa, moroctocog-alfa and octocog-alfa (rAHF-PFM, BAY 81-8973). Epidemiologic data were derived by combining data from three Greek hemophilia centers and the World Hemophilia Federation (2017). Assuming equivalent efficacy (bleeding rates) across all comparators, clinical outcomes were not modelled. Current and future market shares for prophylaxis and OD-treatment were provided by the manufacturer. Only treatment costs were considered for prophylaxis and OD-treatment (€, 2019) with the doses obtained from the SPC and clinical trials, respectively. The difference between the total costs in each market scenario was the net budget impact. For a total of 231 patients with severe HemA, the introduction of DaPeg with a market share ranging from 5% to 27% in prophylaxis and 3% to 9% in OD-treatment from year 1 to 5, respectively, results in cost savings compared to the world without DaPeg. The budget saving magnitude increases with each successive year of the model horizon, driven by the lower annual per-patient costs of DaPeg. The cost savings increase from €99,510 in year 1 to €833,567 in year 5. The cumulative cost-savings over the modelled period exceed €2.5million. The introduction of DaPeg into the Greek market of severe HemA results in a negative budget impact, generating cost savings for the public payer in the first 5 years of its use.

Pimpinella anisum seeds essential oil from Lesvos island: Effect of hydrodistillation time, comparison of its aromatic profile with other samples of the Greek market. Safe use

The essential oil of Pimpinella anisum L. (Apiaceae) seeds from Lesvos Island (Greece), famous as flavor for the production of the aperitif “ouzo”, has been analyzed by GC-MS for the first time. Additionally, three samples of the Greek market originated from North and Central Greece (Thessaly, Viotia) and Turkey, were also analyzed and all of them were compared to the quality limits given in European Pharmacopoeia for medicinal purposes. The effect of hydrodistillation time found to be very important as the results showed differentiations of the oil yield and the chemical content. The most abundant identified metabolites were trans-anethole, γ-himachalene, estragole and pseudoisoeugenyl 2-methylbutyrate. It is noteworthy, that Lesvos anise oil showed the best quality according to European Pharmacopoeia's standards, while it had the highest yield and the richest chemical composition (28 identified compounds) among all studied samples, contributing to the well known quality of “ouzo” from Plomari. Furthermore, two major secondary metabolites from Lesvos' anise oil: trans-anethole and a mixture of himachalenes have been isolated and structurally determined. Moreover, the safe use of anise oil is discussed due to potential toxic effects of estragole.

The physicochemical properties and antioxidant capacities of commercial and homemade Greek vinegars.

Due to its high content of antioxidant compounds, vinegar can be considered an excellent source of health promoting compounds. The aim of this study was to compare the physicochemical composition and antioxidant capacity of eighteen vinegars made from red and white wine, apple, rose petals, and balsamic acid. Eight randomly selected commercial vinegars from the Greek market and ten homemade vinegars were used. Their quality characteristics, color profile, polyphenol content and antioxidant capacity were determined. The results showed that there is a high diversity of values among the examined vinegar samples indicating that the raw material and the applied production methods can affect their composition. Red wine vinegars and red balsamic vinegars exhibited the highest levels of total phenols, followed by fruit vinegars, white wine vinegars and white balsamic vinegars. The antioxidant capacity was strongly affected by the total phenolic content, followed by the total flavonoid content and less so by the color density. Our findings could provide important information to consumers about the randomly selected vinegars from the Greek market and could be used for the development and optimization of homemade and commercial vinegars.

Preliminary assessment of general population exposure to perfluoroalkyl substances through diet in Greece

Food and drinking water intake are the major routes of exposure to perfluoroalkyl substances (PFASs) for humans. In this study an initial oral exposure assessment of the non-occupationally exposed general Greek population to PFASs is presented. Levels of PFOA and PFOS determined in the present study in 128 food items from the Greek market and previously published analytical results of 43 water samples and 76 egg samples from Greece were combined with food availability data of the DAFNE-ANEMOS database for the calculation of oral intake of PFASs. Fish form the food group with the highest concentration in both PFOA and PFOS. For the general Greek population the estimated average daily intake in PFOA and PFOS when applying the lowerbound mean concentrations in food and drinking water samples is 0.49 and 0.91 ng kg−1 body weight (b.w.) respectively. The main contributor to oral PFAS intake is fish. A pharmacokinetic model is applied to estimate total intake from blood serum levels reported previously and the predicted values are in agreement with lowerbound estimated values. Weekly intake estimated values are below the tolerable weekly intake recently proposed by EFSA.

The Greek Saga of the Non-Recovery of the VAT on Bad Debts Comes to an End

The number of unpaid debts has risen dramatically in Greece over the last decade due to the economic crisis which has been looming upon the Greek market. This has made the VAT on such debts a significant burden for most of the businesses. The Greek VAT legislation as in force does not allow taxable persons to claim refund of the VAT on bad debts, which is ultimately borne by the businesses, jeopardizing their sustainability. In this article, the author discusses the recently issued Decision 355/2019 of the Greek Supreme Administrative Court, which clearly indicated the necessity for an amendment of the current legal framework regulating the recovery of VAT on non-collectable debts by ruling in favour of the taxable persons’ right to request such VAT and by interpreting the relevant legal provisions in light of ECJ case law.

Presence of mycotoxins, heavy metals and nitrate residues in organic commercial cereal-based foods sold in the Greek market

The aim of the present work was to report on the occurrence of contaminants and trace elements in organically grown commercial cereal products, available in the Greek market. Moreover, the level of contamination of domestic organic cereals was compared with that of imported ones. To this end, the level of contamination by heavy metals (Pb, Cd), nitrates, trace elements (Cu, Fe, Mn, Zn, Cr, Ni, Co) and mycotoxins (aflatoxins, deoxynivalenol, zearalenone, ochratoxin, and T-2) were reported. Seventy-six organic cereals and derived products of domestic and imported origin were tested including rice, barley, oat, wheat, maize and two samples made of a mixture of grains. The levels of contamination were calculated and compared to the recommended or regulated maximum levels. The maximum levels were exceeded for lead (2), cadmium (1), aflatoxins (4), and ochratoxin (1). Contamination of samples by nitrate was below the allowed level. The level of contamination in domestic organic samples was similar to that of imported ones, except for cadmium with imported samples being more contaminated. The findings of this study are important in terms of risk to human health, but they do not support nor reject the hypothesis that organic cereals are less contaminated than the conventional ones.

“Walking the talk” in times of recession: the case of corporate social responsibility in Greece

PurposeThis study aims to examine the actions of corporate social responsibility (CSR) at a national business context that is firmly defined by prolonged financial crisis. It does so by using a critical view on CSR disclosures in an attempt to get to the heart of the real matter of CSR, from both a thematic content and strategic orientation perspective.Design/methodology/approachThis study is based on a sample of 50 firms that operate in the Greek market and belong to the most significant sectors of the national economy. Their CSR disclosures are content-analyzed, providing a body of 836 pragmatic CSR actions.FindingsThe key findings of the study denote differences among the examined sectors, with banks and financial services being the most active in terms of CSR actions. Regarding the thematic content, firms choose mainly to implement actions with a societal character, while in terms of strategic orientation, they opt for CSR actions that serve existing cause-related programs without any brand presence. Moreover, profound interest appears for the external business environment, whereas the number of CSR actions with employees’ participation is limited.Practical implicationsThe study offers a descriptive account of the actual CSR engagement in Greece amid a prolonged downturn, thus shedding light on the current CSR trends and deficits and helping decision makers embed CSR as an integral part of their business operation.Originality/valueDuring adverse economic conditions, this study captures potential discrepancies between the “walk” (doing) and the “talk” (self-reporting) of CSR. In so doing, it contributes to CSR literature by exploring both the “what” and the “how” these actions are implemented.

Factors Favoring Greece’s Inward Foreign Direct Investment in the Aftermath of the Global Financial Crisis: An Exploratory Survey

Greece has suffered the worst from the late 2000s global financial crisis. Despite the completion of the economic adjustment program the rate of recovery in Greece is still weak. The liquidity constraints in the Greek economy imply that the investment shock, which will accelerate its recovery rate, will be an outcome of investment inflows by privatizations and/or other opportunities arising to foreign investors (inward FDI) due to the devaluation of the assets in Greece caused by the crisis. However, the level of attracted by the Greek economy has always been well below the European Union average. This paper investigates the factors favoring inward FDI in Greece after the crisis. A survey is made by the use of a questionnaire for the collection of primary data on the activity of multinationals in Greece and non-parametric methods are used for investigating the attractiveness of the Greek market and the decision to invest.

Waste cooking oils exploitation targeting EU 2020 diesel fuel production: Environmental and economic benefits

The present paper aims to investigate the environmental and economic impacts of co-processing petroleum fractions with bio-based feedstocks for direct refinery integration versus the conventional drop-in integration of biofuels with compatible transportation fuels. Three different pathways of market diesel (commercial diesel fuel from a typical fuel station in Greece) production with 10% v/v biocontent (biomass feed) were explored by variant biomass utilization with fossil counter parts (diesel fuel). The first case study depicts the current market diesel production process via blending petroleum fractions with FAME (Fatty Acids Methyl Esters) biodiesel. The second case study involves the production of market diesel from blending petroleum fractions with hydrotreated residual lipids (Waste Cooking Oil, WCO), while the third case study explores the alternative approach of co-processing petroleum fractions with WCO. In all cases, the market diesel production chain was based on the hydrotreating process simulated using Aspen Plus. The results have shown that the most beneficial case, by environmental and economic viewpoint, for market diesel production with 10% v/v biocontent in the Greek market is co-processing of petroleum fractions with WCO. This approach accounts for a reduced production cost (751 €/m3) and environmentally friendly profile (243 kgCO2-eq/m3) compared with the other two case studies. Additionally co-processing of residual biomass with petroleum fractions utilizes existing infrastructure towards the production of sustainable fuels, rendering this pathway more attractive form a CAPEX point of view.

Foreign direct investment and stock market development

PurposeThe purpose of this paper is to examine two novel theories that concern the relationship between stock market development (SMD) and foreign direct investment (FDI). The authors focus on Greece that was demoted to the emerging market category in 2013–2014 in the international lists.Design/methodology/approachThis study is based on the period 1988–2014 that includes the sub-periods 1988–2001 (emerging market) and 2002–2014 (developed market). The authors adopt cointegration methods examining, on the one hand, if the relationship between SMD and FDI is positive or negative and, on the other hand, if it is long run or short run. The authors complete the analysis using the Markov Switching regression model for the test of robustness.FindingsThe results exhibit a weak positive and symmetric long-run relationship for the full period. In the first sub-period, the relationship is strong but in the second sub-period it is not significant. The results are confirmed by the Markov Switching regression model.Originality/valueThe precise definition of a theoretical framework that is tested by a compact empirical methodology leads to a novel suggested policy that will upgrade the Greek market to developed market as soon as possible.

Asymmetric Price Adjustment and the Effects of Structural Reforms in a Low Income Environment: The Case of the Gasoline Market in Greece

The pricing mechanism in the gasoline market has often been the subject of public debate in Greece during the crisis years. Inefficient pricing could imply oligopolistic practices in the market and losses to consumers’ welfare in a period characterised by a dramatic fall in consumers’ income and standard of living. A way to test whether pricing is efficient in the market is by testing for asymmetries in the adjustment of domestic gasoline prices to world oil price changes. The present paper has two aims: (a) the first is to investigate the existence of asymmetric adjustment of gasoline prices to oil price variations in the Greek market, thus contributing to the relevant literature; (b) the second is to examine whether the structural reforms that took place in the gasoline market and the large fall in income, which characterise consumers’ behaviour in the recent period, had any impact on the pricing dynamics in the market. To this end, the analysis: (i) applies the TAR-ECM threshold cointegration technique, which assumes asymmetric adjustment towards the long-run equilibrium; (ii) makes use of observations at the highest frequency available; and (iii) uses the most recent data. The results provide evidence in favour of symmetric behaviour just for the crisis period. This may reflect competitive behaviour by suppliers who had to interact in a low demand environment and under a new institutional framework following the reforms, along with a change in consumers’ search behaviour who had to deal with a severe fall in their income.

Prediction of Bankruptcy Using Financial Ratios in the Greek Market

This study explores the forecasting ability of bankruptcy prediction models for firms listed on the Athens Stock Exchange. The models have been tested whether they are able to predict bankruptcy one, two and three years prior bankruptcy. The highest bankruptcy predictive accuracy is achieved by the Taffler’s and Grammatikos and Gloubos’ Y models. Early and accurate sign of bankruptcy helps businesses take necessary actions to solve financial distress; hence the Greek bankruptcy prediction models will help companies minimize risk.

Asymmetric Price Adjustment and the Effects of Structural Reforms in a Low Income Environment: The Case of the Gasoline Market in Greece

The pricing mechanism in the gasoline market has often been the subject of public debate in Greece during the crisis years. Inefficient pricing could imply oligopolistic practices in the market and losses to consumers’ welfare in a period characterised by a dramatic fall in consumers’ income and standard of living. A way to test whether pricing is efficient in the market is by testing for asymmetries in the adjustment of domestic gasoline prices to world oil price changes. The present paper has two aims: (a) The first is to investigate the existence of asymmetric adjustment of gasoline prices to oil price variations in the Greek market, thus contributing to the relevant literature. (b) The second is to examine whether the structural reforms that took place in the gasoline market and the large fall in income, which characterise consumers’ behaviour in the recent period, had any impact on the pricing dynamics in the market. To this end, the analysis: (i) applies the TAR-ECM threshold cointegration technique, which assumes asymmetric adjustment towards the long-run equilibrium; (ii) makes use of observations at the highest frequency available; and (iii) uses the most recent data. The results provide evidence in favour of symmetric behaviour just for the crisis period. This may reflect competitive behaviour by suppliers who had to interact in a low demand environment and under a new institutional framework following the reforms, along with a change in consumers’ search behaviour who had to deal with a severe fall in their income.