This paper aimed to research the interrelation between capital structure, corporate governance, equity ownership, and how they affect firm performance. The sample used consisted of 10 leading-energy-sector companies traded in the NYSE, most of which rank among the largest companies in the world by market capitalization, while the US-based ones are also Fortune 500 companies. Over the eleven-year period examined, from 2009 to 2019, a sampling frame of 110 data series was gathered and analyzed using panel data methodologies. The impact of the key parameters of capital structure, corporate governance, and equity ownership was tested using regression analysis (panel data method) on firm performance, measured by profitability. Our results support a significant relation among major capital structure and corporate governance parameters and firm performance, whereas no evidence was found to support a significant impact of equity ownership on the dependent variable found ascertained. Furthermore, our findings support that in our sample firms, pecking order and agency cost theories play an important role in the financing of these firms, while static trade and irrelevance theory find no support.
Purpose: This study is an attempt to capture the concept of tax evasion, to distinguish it from tax avoidance and to illustrate the magnitude of the problem in Greece. Design/Methodology/Approach: Time series analysis and regression analysis were performed to determine which factors affect tax compliance in Greece. Data were collected from three different directorates of the Greek Independent Authority for Public Revenue (IAPR), K.E.ME.EP. (Audit Authority for Large Enterprises), K.E.F.O.ME.P. (Audit Authority for Taxpayers with Great Wealth) and Y.E.D.D.E. (Services for Investigations & Safeguarding of Public Revenue). Findings:The results of the research showed that the amount of fines and taxes (related to tax compliance) imposed are statistically significant and positively dependent on both the number of audits and the amounts of money imposed as fines for each audit carried out by K.E.ME.EP. and K.E.F.O.ME.P., while for Y.E.D.D.E. the identified revenue foregone depends only on the number of completed audits. Practical Implications: Tax evasion is a phenomenon that has been of concern to the governments of all countries since ancient times, because it results in both the loss of state revenues and an unequal and unfair distribution of tax burdens. However, tackling tax evasion is a particularly difficult task, mainly because it cannot be easily detected and measured. Originality/Value: This research points out that frequent and effective audits, combined with high fines, are a tool to reduce tax evasion and increase tax compliance.
The banking sector in Greece met a large growth and provided the Greek economy with a vital push after the credit release. The galloping increase of private, business, and public loans reinforced business activity and offered high incomes for a few years. However, this push that the Greek economy experienced was based on consumption and not on the development of financial sectors that could constantly produce income for the economy and the state. The research examines the Greek banking investment portfolio from 2003 until 2017 based on the portfolio theory of Markowitz. Furthermore, it evaluates its differentiation and examines whether or not has contributed to the financial crisis that the domestic economy faced the previous decade. The findings point out that the negative portfolio returns during the span of seven out of 15 reviewed years and their covariances highlight that the portfolio diversification was not successful according to Markowitz's theory.
This paper aims at investigating the factors that affected the profitability of Greek systemic banks during the period 2009-2019. The authors initially review the findings of relevant international literature. Then, details of the methodology followed are provided and the variables that constitute the model are explained. Based on those, they investigate econometrically the factors that influenced banks' return on assets. The econometric analysis establishes that the ability of Greek systemic banks to generate profits through the use of their assets, during the period 2009-2019, was shaped under the influence of the debt crisis, which turned into a financial crisis, as well as specific financial and macroeconomic factors.
The present paper studies the profitability dynamics of systemic Greek banks. By deploying an econometric methodology based on multiple linear regression analysis, we empirically investigate the drivers of banks’ return on assets between 2008 and 2020. We also shed light on the first effects of Covid-19 on banks. Examining the effects various macroeconomic, regulatory and financial factors, we find that public debt developments, including Greek debt restructuring, and banks’ provisions for credit losses had a negative effect on banks profitability. Besides, we testify that banks' capital adequacy and the size of liabilities of financial institutions towards their customers strengthened chances of increased bank profitability. We discuss the implications of our empirical findings in light of macroeconomic, regulatory and financial developments in Greece and the EU. JEL classification number: G01, G20, G21, M40, M49. Keywords: Systemic Banks, Profitability, Greece, ROA, Debt Crisis, Covid-19, Financial Analysis, Financial Ratios.
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