Greek Small And Medium-sized Enterprises Research Articles

Augmented Reality Marketing Implementation in Greek SMEs - A SWOT Analysis

Abstract Augmented Reality (AR) has established itself as a transformative tool in the domain of marketing, enabling both immersive and interactive experiences for consumers. The inherent capability of AR to overlay digital content onto the real world provides marketers with unparalleled opportunities to connect with their target audience. For the effective integration of Augmented Reality Marketing (ARM) within Greek Small and Medium-sized Enterprises (SMEs), it's essential to capitalize on inherent strengths, address potential weaknesses, exploit existing opportunities, and strategically navigate anticipated threats. Fundamental to the successful incorporation of ARM in this context is the development of a carefully crafted strategy, enriched by a deep understanding of the local market dynamics. From a methodological standpoint, this research draws upon a set of predetermined keywords sourced from renowned databases such as Google, Google Scholar, Semantic Scholar, Science Direct, and Scopus. Using secondary data, the collated information was analyzed using the SWOT framework, facilitating a thorough examination of strengths, weaknesses, opportunities, and threats. To achieve this, a SWOT analysis was systematically employed, offering a comprehensive view of the potential for integrating augmented reality marketing within Greek SMEs. Keywords: Augmenting Reality Marketing, Digital Marketing, SMEs, Swot Analysis, Greece, Greek enterprises.

The role of internal auditors as a tool to boost competitiveness of Greek firms

The role of small and medium-sized enterprises (SMEs) in the modern economy is crucial, and they have emerged as the most alluring and inventive system. To investigate and assess SMEs’ operations, internal auditing was formed as an independent assessment. Internal auditors’ planning and implementation of a quality program of internal audits can result in several advantages to SMEs. The current study investigates how internal auditors might help SMEs become more competitive. To fulfill the study’s requirements, 200 employees of Greek SMEs who were relevant to the internal audit function in their business environment were invited to answer a questionnaire. Internal auditors are viewed positively by most of the (100) employees who responded. Ranging from 34% to 53% in part B of the questionnaire (the role of internal auditors), they strongly agree with the positive role of internal auditors in Greek SMEs. Regarding the evaluation of internal auditors, most respondents gave a relatively negative opinion. From 31% to 34% respondents in part C of the questionnaire (evaluation of internal auditors) agree a little with the positive evaluation of internal auditors in Greek SMEs. Furthermore, the results showed that internal auditors must be professionals, comprehend the audited activities in-depth, offer ways to remedy problematic activities, and voice their thoughts objectively to succeed in the competitiveness of Greek SMEs.

Assessing Greek small and medium‐sized enterprises' flood resilience capacity: Index development and application

AbstractFloods signify one of the most common, widespread and destructive natural perils, affecting approximately 250 million people and causing billions in losses on an annual basis. Such high impact – low probability environmental perturbations can cause abrupt changes and disruption to business entities in flood‐prone areas in terms of asset damages, operational interruptions and increased costs which result in loss of capital and labour, declining revenue and growth. It is therefore critical for businesses to identify such risks and, ultimately, to effectively build their resilience to such physical challenges. Small and medium‐sized enterprises (SMEs) in particular are more ill‐prepared to face flooding compared to large companies. Understanding the ability of SMEs to become more resilient to floods is crucial as they account for 99% of all enterprises, constitute the major employer and contributor of the total value‐added of the private sector. In this study, a composite index of factors linked to the resilience capacity of SMEs to flooding is proposed and tested. A sample of Greek SMEs located in three flood‐prone areas (n = 391) was administered a structured questionnaire pertaining to cognitive, managerial and contextual factors that affect the ability to prepare, withstand and recover from flooding events. Through the proposed index, a bottom‐up, self‐assessment, approach is set forth that could assist in standardising such assessments with an overarching aim of reducing the vulnerability of SMEs to floods. This is achieved by examining critical internal and external parameters affecting SMEs' resilience capacity which is particularly important taking into account the limited resources these enterprises tend to have at their disposal and that they can generate single points of failure in dense supply chain networks.

Weathering the storm: talent management in internationally oriented Greek small and medium-sized enterprises

PurposeBased on a study of internationally oriented Greek small and medium-sized enterprises (SMEs), and using the lens of institutional theory, this paper extends the understanding of the extent to which Greece's institutional context influences talent management (TM). In so doing, the authors focussed on the key TM practices employed by SMEs to enhance and sustain TM: talent acquisition, development and retention. The authors also explore how these practices are shaped by the Greek institutional context.Design/methodology/approachEmploying a multiple case-study approach, the authors conducted 18 interviews in six distinctive SMEs operating in north, central and southern Greece. The data were thematically analysed to identify patterns across all SMEs.FindingsThis study found that unlike multinational corporations, internationally oriented Greek SMEs adopt a more inclusive approach to TM practices as well as that the country's institutional context presented important yet not deterministic hurdles. The authors also found that SMEs adopt an opportunistic approach to talent acquisition by utilising appropriate available sources to reach out for available talent. The authors provided evidence that SMEs adopt a hybrid approach to talent development in addressing talent scarcity. Finally, this study reported that talent retention is significantly appreciated by SMEs, who offer a range of intrinsic and extrinsic incentives to retain their talented workforce.Practical implicationsThis study provides stakeholders with insights into how effective TM practices can be considered a lifeline to organisational sustainability – particularly for SMEs in the contemporary challenging and fiercely competitive business environment. It also highlights the potential of inclusive TM practices to be part of an effective workforce management strategy: Relative to the prevailing institutional dynamic, stakeholders (policymakers and human resource practitioners) must engage in the multiple areas of individual talent acquisition, development and retention.Originality/valueIn a context of reforms, this study reports on TM practice in internationally oriented Greek SMEs. The authors also add to the literature on TM in SMEs by providing evidence on the conceptualisation and management of global talent in this context.

Entrepreneurial bricolage in the aftermath of a shock. Insights from Greek SMEs

The world has seen several waves of economic crises, which have had a severe impact on small and medium-sized enterprises (SMEs), such as the Great Depression of the 1930s, the financial crisis in the late 2000s and, most recently, the global COVID-19, because they strip SMEs from their much needed resources. Prior research suggests that SMEs use bricolage to cope with such negative external shocks. While there is a rich discussion on how SMEs carry out their bricolage processes, the literature provides little empirical evidence on what actually happens in times of crisis. To examine whether the SME bricolage process described in the literature is consistent with how SMEs use bricolage when they face a business environment crisis, we conducted a qualitative study of six SMEs’ response to the austerity measures of the bailout programme for Greece, scheduled by the EU, ECB and IMF, which were known to have unambiguously led to the deterioration of the SME business environment. We found that bricolage occurred across all SMEs’ activities as expected. However, contrary to the literature, we found that bricolage did not lead the strategic approach of any of the investigated SMEs. Rather, bricolage was integrated within their overall strategy. Furthermore, we found that how the bricolage is unrolled depends on the SME sector. With this knowledge, the present study suggests policymakers need to adjust their support system towards enabling resource constrained SMEs to deal with the aftermath of negative shocks in their business environment.

Entrepreneurial bricolage in the aftermath of a shock. Insights from Greek SMEs

The world has seen several waves of economic crises, which have had a severe impact on small and medium-sized enterprises (SMEs), such as the Great Depression of the 1930s, the financial crisis in the late 2000s and, most recently, the global COVID-19, because they strip SMEs from their much needed resources. Prior research suggests that SMEs use bricolage to cope with such negative external shocks. While there is a rich discussion on how SMEs carry out their bricolage processes, the literature provides little empirical evidence on what actually happens in times of crisis. To examine whether the SME bricolage process described in the literature is consistent with how SMEs use bricolage when they face a business environment crisis, we conducted a qualitative study of six SMEs’ response to the austerity measures of the bailout programme for Greece, scheduled by the EU, ECB and IMF, which were known to have unambiguously led to the deterioration of the SME business environment. We found that bricolage occurred across all SMEs’ activities as expected. However, contrary to the literature, we found that bricolage did not lead the strategic approach of any of the investigated SMEs. Rather, bricolage was integrated within their overall strategy. Furthermore, we found that how the bricolage is unrolled depends on the SME sector. With this knowledge, the present study suggests policymakers need to adjust their support system towards enabling resource-constrained SMEs to deal with the aftermath of negative shocks in their business environment.

TQM for Greek SMEs: an alternative in facing crisis conditions

PurposeThis study aims to bridge the gap left by earlier studies regarding the issue of whether the International Organization for Standardization (ISO) certification is a stepping stone that ultimately leads to instilling a total quality management (TQM) culture, or whether it is the end-point in their journey toward quality.Design/methodology/approachThe study was primarily quantitative in nature supported from a qualitative survey following the triangulation approach, as the aim was to test a number of hypotheses related to TQM’s role in the operation of Greek ISO certified small and medium-sized enterprises (SMEs). A questionnaire was developed based on the critical success factors that were used in the self-assessment instrument developed by Hunt (1992) and Sashkin (1996) to assess the level of TQM implementation in approximately 400 Greek SMEs.FindingsThe study revealed that Greek ISO certified SMEs, emphasize performance appraisal, invest in quality elements that require minimum usage of their resources and prioritize their ISO certification.Originality/valueTQM is one of the most powerful concepts available to businesses today. However, most of the literature focuses on the practice of TQM within large manufacturing organizations. This paper aims to readdress the situation by outlining a study on TQM in the SME sector in Greece.

The impact of economic crisis on firm relocation: Greek SME movement to Bulgaria and its effects on business performance

The 2007 global economic crisis and public policies implemented to resolve it have modified the conditions under which enterprises operate, thus having great effects on business tactics and decisions. This paper employs a comparative analysis of the pre- and post-crisis movements of Greek small- and medium-sized enterprises (SMEs) to Bulgaria in order to examine the impact of the crisis and the applied public policy on firm-internal relocation factors, such as size, sector and relocation incentive, and the effects of relocation on business performance. Greek SME movements to Bulgaria have recently increased considerably due to the adverse effects of the crisis on the Greek economy. Results demonstrate that, while in the pre-crisis period many Greek businesspeople viewed relocation to Bulgaria as an entrepreneurial opportunity for firm expansion, since 2007 relocation has been perceived as a necessity for the vast majority of Greek entrepreneurs in order to stay in business. However, evidence is provided for a clear division between businesspeople, managing strong, and medium-sized firms and seeking business growth and improved competitiveness, and entrepreneurs who own small, unproductive enterprises and who made efforts to maintain business without seeking quality improvement. Consequently, many of them failed to stay in business since they overlooked internal to firm changes.

Corporate social responsibility and small-medium sized enterprises: evidence from Greece

This paper is a qualitative empirical research of Greek Small and Medium-sized Enterprises (SMEs) and examines their dominant perceptions and attitudes towards Corporate Social Responsibility (CSR). The research was conducted in the Region of Western Macedonia, North Greece, via personal interviews based on a structured questionnaire, which was completed by 420 enterprises, with different business functions, and were randomly chosen from local Chamber registers. The results demonstrated that, as Greek SMEs in the periphery have not decided on a particular strategy for Social Responsibility practices, CSR is frequently defined as sponsorship or charity programmes. The research also revealed the restraining factors for SMEs in implementing CSR policies: financial cost, small size of enterprises, absence of specialized partners, and poor supporting role of public authorities. Whereas, the most significant non-financial goals for the enterprises attempting to implement CSR in Greece are: responsibility and respect to customers, promotion of sustainability, environmentally-friendly practices; human resources and protection of rights are less emphasized. Interestingly, more than 80% of the subjects hold that engaging in CSR practices in the current financial context is vital. With regard to the benefits resulting from CSR, the research demonstrated that: Enhancing ‘corporate image’, ‘business performance’, and ‘customer satisfaction’ are significant. Nevertheless, the research highlighted that implementing CSR strategies are rather positively than strongly correlated with the benefits deriving from CSR.

Many Hands Lighter Work? Deciphering the Relationship between Adverse Working Conditions and Organization Citizenship Behaviours in Small and Medium‐sized Enterprises during a Severe Economic Crisis

AbstractWhat is the relationship between adverse working conditions and employees’ organizational citizenship behaviour (OCB) in small and medium‐sized enterprises (SMEs) operating under a severe economic crisis? To address this question, a survey of 312 front‐line workers was undertaken in 62 Greek SMEs − an instrumental setting where the current deterioration of working conditions is acute. Our contribution is twofold. First, we develop and test a scale for measuring adverse working conditions. Second, we decipher the extent to which such conditions relate to organizational and individual aspects of OCB, considering job satisfaction's mediating role. Through this research we extend the OCB literature within the context of SMEs operating under severe economic crisis and highlight the implications for managing human resources in SMEs, a sector conspicuous for its socio‐economic significance and its vulnerability during economic downturns.

The impact of R&D and information technology on innovation performance of Greek SMEs

Drawing on the resource-based view of the firm, investigation on the effects of internal resources and capabilities (R&D and technology) on small and medium-sized enterprises (SMEs) innovation performance is attempted. Using primary (survey-based) and financial data from 405 Greek manufacturing SMEs, new evidence on the impact of R&D activities, IT and other determinants such as ERP, size and exports on innovation performance is provided. It is found that IT (in terms of knowledge to quality management programs) enhanced positively on firm innovation performance, while R&D activities have no impact on firm innovation performance. In addition, absorptive capacity on innovation, access to finance, patents and firm size induce positively firm's innovation performance. The novelty of this study is the introduction of a proxy of innovation measuring overall innovation performance (both product and process innovation), computerisation of firm operation using ERP systems and investments in acquisition of knowledge about quality management programs as proxies of IT.

Management Accounting Systems in SMEs: A Means to Adapt to the Financial Crisis?

In the present study we examine the impact of the recent financial crisis in the management accounting systems of Small and Medium-sized Enterprises (SMEs) in Greece. More specifically, we assess whether and to what extent Greek SMEs adjusted their management accounting systems as a reaction to the intense pressures deriving from the extensive financial crisis. For this purpose, we explore the application of budgeting and costing systems as well as of various management accounting practices and techniques during two periods: at 2009, the year of the financial crisis outbreak, and at 2013, a period in which Greek economy is deeply in the financial vortex. The study is informed by the answers of 161 SMEs falling into the manufacturing, retail and service-providing sectors on a structured questionnaire. Results indicate that the various facets of the financial crisis resulted to SMEs adjusting their management accounting systems. Therefore an increase in the number of SMEs starting to apply budgeting and costing systems within the examined period is evident. Additionally, the use of budgeting and costing for various managerial purposes, as well as the use of several modern management accounting and performance measurement techniques has been intensified, albeit in a moderate magnitude. Therefore, despite the crisis most of the SMEs have not resorted into more sophisticated management accounting methods.

Investment risk preference among Greek SME proprietors: a pilot study

Purpose – Current research in the area of risk management within small and medium-sized enterprises (SMEs) appears predisposed towards risk, predominantly dealing with the willingness of SMEs to take on losses. However, in this pilot study, the authors aim to focus on a different aspect of risk management in SMEs, namely the risk preferences. Risk preferences in this case are regarded as the willingness of SME proprietors to take on risks that are likely to lead to investment gains. Design/methodology/approach – Data is gathered via a combination of a survey questionnaire and a probability scenario toolset. The authors sampled a total of 150 SME proprietors operating in Greece. The data was analysed using a combination of regression models and binomial tests. Findings – The results suggest that we cannot, as previous literature suggests, conclude that SME proprietors generally exhibit a negative risk preference. Originality/value – In light of Greece's recent economic difficulty, and in acknowledgement of the critical role played by SMEs in the Greek economy, this study addresses a topical subject in entrepreneurship research: what are the factors determining investment risk preferences?

Does financial knowledge in small- and medium-sized enterprises matter? An empirical survey for Greece

The purpose of this study is to examine the role financial knowledge of small- and medium-sized enterprises (SMEs) might play in their financial behaviour. To this end, we employ a structured questionnaire survey addressed online to a convenient sample of 352 SMEs located in Greece. Using a multivariate statistical analysis, our findings indicate that despite Greek SMEs’ satisfactory financial knowledge in specific areas, the majority of the respondents fail to capture gains in overall performance. More research is required to capture additional evidence in the field and in this way to inform better SMEs’ managers and policy-makers.

Japanese Management Techniques to Enhance the Governance of Greek Small and Medium-Sized Firms

Given the economic and social crisis Greece is going through, it seems clear that the Greek future over the next few years will rest on macroeconomic actions, both national and international. This undeniable assertion notwithstanding, I do maintain that the Greek private sector has an important role to play in overcoming the present crisis. This especially applies to Greek small and medium-sized enterprises (SMEs), which comprise an important proportion of Greek firms.The use of adequate SME governance tools at Greek companies might be beneficial. Good governance leads to a better relationship among stakeholders, increases the effectiveness of board work and activates unknown potential at the firm through better principles and practices.Some Japanese tools that enhance governance as could be applied to Greek SMEs and smaller state organizations are presented. In general, SMEs, with fewer relative resources, face important conceptual and methodological difficulties when implementing a governance structure. This assertion is also true in Greece. Over the past three or four decades, however, Japanese management techniques that can be applied to implement and consolidate SME governance have gained diffusion all over the world. These tools are particularly apt for Greek SMEs, due to their flexibility, low cost, and rapid effectiveness.Specific examples of applications to enhance governance at Greek SMEs are provided. Tools applied are (1) A new SME governance indicator; (2) Hoshin management; and (3) Effective meeting technology. The three tools interact in a systemic mode.

Labour flexibility in Greek SMEs

The issue of labour flexibility has sparked controversy in Greece. This empirical study sheds light on workplace flexibility in small and medium‐sized enterprises (SMEs) that employ the vast majority of workers in Greece. The study tries to assess the extent to which Greek SMEs resort to external and internal labour flexibility arrangements to cope with increasing competition and the way they react to recent flexibility‐oriented legislation. The survey is based on case studies and draws heavily on face‐to‐face interviews with 16 small proprietors. It is found that SMEs make little use of external flexibility. Rather they rely on internal flexibility, which stems from extensive Webs of informal employee relations. However, the nature of “informality” varies in small enterprises leading them to adopt different modes of absorbing institutional change.

Size and Determinants of Capital Structure in the Greek Manufacturing Sector

Increasing competition in the European Union (EU) and world markets affects the Greek manufacturing sector. Capital structure is essential for the survival, growth and performance of a firm. There has been a growing interest worldwide in identifying the factors associated with debt leverage. However, nothing has been done so far in contrasting small and medium sized enterprises (SMEs) and large sized enterprises (LSEs) on these aspects. SMEs are very important in the Greek manufacturing sector for employment and growth. Empirical studies show that capital structure and the factors affecting it vary with firm size. In this paper we investigate the determinants of capital structure of Greek manufacturing firms and formulate some policy implications that may improve the financial performance of the sector. Our study utilizes panel data of two random samples, one for SMEs and another for LSEs. The findings show that profitability is a major determinant of capital structure for both size groups. However, efficient assets management and assets growth are found essential for the debt structure of LSEs as opposed to efficiency of current assets, size, sales growth and high fixed assets, which were found to affect substantially the credibility of SMEs. In an era of increasing globalization, the findings imply that Greek SMEs should focus their efforts on (a) increasing their cash flow capacity through better assets management and achievement of higher exports and (b) ensuring good bank relations, but at the same time, turn to alternative forms of financing. Greek LSEs should adopt strategies that will lead to the improvement of their competitiveness and securing new forms of financing. Government policy measures aiming at structural changes and economic efficiency should be designed clearly depending upon its targets: SMEs need policies that will encourage information exchange and co‐operation in local and foreign markets and use of e‐business, as well as, financial assistance. On the other hand, LSEs should be supported by policies aimed at new high‐technology investments, entrance of new firms and foreign investments in the country, tax alleviation and increase of R&D and training expenditures. The upgrading and transparency of the capital market in Greece is expected to improve the capital structure of Greek manufacturing firms.

The Determinants of Small Firm Growth in the Greek Manufacturing Sector

The aim of this paper is twofold; first, to identify the variables that mostly affect rapid sales growth in Greek manufacturing small and medium sized enterprises (SMEs); second, to examine the potential influence upon business growth and performance outcomes of those variables representing enterprise and financial management characteristics of the Greek SMEs. The study utilizes panel data of a random sample of 143 firms from the manufacturing SMEs sector in Greece. Regression analysis is used to determine the explanatory factors of rapid sales growth. This paper is firstly addressing the Greek case and our results are in line with the findings of other empirical studies in the European Union (EU), thus, supporting the convergence hypothesis among member states in EU. Indeed, factors found to influence significantly manufacturing SMEs growth in Greece are profitability, liquidity, reliance on long-term debt, employee productivity, fixed assets turnover and restricted sales credit terms. Moreover, our findings also suggest that SMEs located in big cities behave differently from firms located in the periphery with regard to factors related to growth. The same holds true for firms in different industry subgroups. Our findings give rise to several policy implications that are crucial for the competitiveness of the sector, especially in view of the changes induced by the European Monetary Union, as well as, by other undergoing economic changes in the country such as the Olympic Games 2004. Policies such as low cost financing, lower tax burdens, incentives for investments in new technology, continuous personnel training, promotion of ecommerce and cooperation with foreign firms might induce fast growth in Greek SMEs.