Papers by Georgios L Vousinas
Journal of Money Laundering Control, 2017
If you would like to write for this, or any other Emerald publication, then please use our Emeral... more If you would like to write for this, or any other Emerald publication, then please use our Emerald for Authors service information about how to choose which publication to write for and submission guidelines are available for all. Please visit www.emeraldinsight.com/authors for more information. About Emerald www.emeraldinsight.com Emerald is a global publisher linking research and practice to the benefit of society. The company manages a portfolio of more than 290 journals and over 2,350 books and book series volumes, as well as providing an extensive range of online products and additional customer resources and services. Emerald is both COUNTER 4 and TRANSFER compliant. The organization is a partner of the Committee on Publication Ethics (COPE) and also works with Portico and the LOCKSS initiative for digital archive preservation. Abstract Purpose-This paper aims to bring into surface two major socioeconomic problems of Greece, tax evasion and shadow economy. Design/methodology/approach-It examines the determinants and the factors that led to the formation and expansion of tax evasion and subsequently of black economy. Empirical data and related research are used to provide a clearer view of the existing situation. Findings-Tax evasion and shadow economy are proved to remain two of the most severe problems that torture Greek economy. The factors that contribute the most to the formation of these phenomena are the lack of tax awareness, the tax burden, the structure of the tax system, the role of the state, the level of approvement of public authority, self-employment, unemployment and the level of organization of the economy. Except from the negative characteristics, positive ones are also identified, and certain policies are suggested so as to combat tax evasion and black economy. Originality/value-The paper highlights two major issues that constitute the deadly weakness of the Greek economy, providing a holistic view of the current situation, identifying the roots of the problem and suggesting specific measures.
8th Annual Global Business Conference , 2017
Purpose-This paper aims to provide a literature review of the Financial Supply Chain Management-F... more Purpose-This paper aims to provide a literature review of the Financial Supply Chain Management-FSCM concept by scrutinizing both theoretical and empirical research contributions. Design/methodology/approach-A review and analysis of selected, up to date theoretical and empirical literature is provided in order to prove the significance of this discipline in modern management theory and provide useful conclusions. Moreover, an emphasis is given on the contemporary aspects of FSCM in terms of collaboration among companies, suppliers and financing institutions. Findings-The field is a relatively new one. Despite the crisis-enhanced research interest and the growing importance of FSCM, academic contributions and discourse on the subject remain fragmented and vague. Mainly conceptual approach dominates; research methods employed are mostly empirical surveys and case studies, with the main focus given on the manufacturing industry while the bank "dimension" in the FSCM equation is neglected. At the same time, scarce research efforts have been identified towards the systematic documentation of the core concepts and formative elements of FSCM in the direction of building a "general theory of FSCM". Originality/value-The paper provides a literature review of the FSCM discipline, identifies gaps and challenges in the field while providing insights on a future research agenda, thus preparing the ground for FSCM standardization and hopefully initiating a fruitful academic dialogue on the subject.
IPSERA , 2019
Following the recession created by the recent global financial crisis, which caused disruptions i... more Following the recession created by the recent global financial crisis, which caused disruptions in the funding markets and in the financial flow level of supply chains, companies were forced to reduce their working capital targets, as well as find new forms of financing their business plans. This inevitably caused a substantial shock in the supply chains across the world thus, creating both an inventory-driven and a financial bullwhip effect. While the previous Supply Chain Management (SCM) research has focused on the bullwhip effect of physical material flows, the existing bullwhip in financial flows has been neglected, despite the crisis-enhanced interest and its growing significance. The main objective of this paper is to study the current literature dealing with the interactions among supply chain material and financial flows, to shed light on the increasing amplification of financial distortion along supply chains, caused by the transmission channels of financial shocks at the micro (firm) and the macro (economy) level and to build on current theory by introducing the supply chain financial bullwhip effect (SCFBE) in the contemporary supply chain scientific agenda.
Shadow economy and tax evasion. The Achilles heel of Greek economy. Determinants, effects and policy proposals, 2017
If you would like to write for this, or any other Emerald publication, then please use our Emeral... more If you would like to write for this, or any other Emerald publication, then please use our Emerald for Authors service information about how to choose which publication to write for and submission guidelines are available for all. Please visit www.emeraldinsight.com/authors for more information. About Emerald www.emeraldinsight.com Emerald is a global publisher linking research and practice to the benefit of society. The company manages a portfolio of more than 290 journals and over 2,350 books and book series volumes, as well as providing an extensive range of online products and additional customer resources and services. Emerald is both COUNTER 4 and TRANSFER compliant. The organization is a partner of the Committee on Publication Ethics (COPE) and also works with Portico and the LOCKSS initiative for digital archive preservation. Abstract Purpose-This paper aims to bring into surface two major socioeconomic problems of Greece, tax evasion and shadow economy. Design/methodology/approach-It examines the determinants and the factors that led to the formation and expansion of tax evasion and subsequently of black economy. Empirical data and related research are used to provide a clearer view of the existing situation. Findings-Tax evasion and shadow economy are proved to remain two of the most severe problems that torture Greek economy. The factors that contribute the most to the formation of these phenomena are the lack of tax awareness, the tax burden, the structure of the tax system, the role of the state, the level of approvement of public authority, self-employment, unemployment and the level of organization of the economy. Except from the negative characteristics, positive ones are also identified, and certain policies are suggested so as to combat tax evasion and black economy. Originality/value-The paper highlights two major issues that constitute the deadly weakness of the Greek economy, providing a holistic view of the current situation, identifying the roots of the problem and suggesting specific measures.
Journal of Financial Crime, 2019
Purpose – This paper aims to elaborate on the theory of fraud by enhancing the existing theories ... more Purpose – This paper aims to elaborate on the theory of fraud by enhancing the existing theories behind the factors that force people to commit fraud.
Design/methodology/approach – The paper reviews the most commonly used and widely accepted models for explaining why people commit fraud - the Fraud Triangle, the Fraud Diamond, the Fraud Scale and the MICE model. The author argues that these models need to be updated to adapt to the current developments in the field and the ever growing fraud incidents, both in frequency and severity, and builds on the theoretical background to create a new model so as to enhance the understanding behind the major factors which lead to the commitment of fraud.
Findings – The author identifies a major element - Ego - which plays a crucial role in compelling people to commit fraud and concludes in the formation of the S.C.O.R.E. model, which is graphically depicted in the Fraud Pentagon. He goes further by adding the factor collusion in order to better apply in cases of white-collar crimes.
Originality/value – The paper develops the S.C.O.R.E. model in order to contribute to the development of fraud theory by identifying the key factors that play a major role in whether fraud will actually occur and acting as a theoretical benchmark for all future reference.
Keywords – Fraud, Stimulus, Capability, Opportunity, Rationalization, Ego, Collusion, S.C.O.R.E. model.
Purpose -This paper aims to highlight the new regulatory framework established by Basel III. Desi... more Purpose -This paper aims to highlight the new regulatory framework established by Basel III. Design/methodology/approach -This paper provides a critical review of the existing literature concerning bank supervision, while providing an overview of the transition from Basel I to Basel III rules and critical appraisal of the current regulatory framework. Review of the existing literature. Findings -Basel III introduces new measures in favor of bank stability and in order to mitigate the propagation of financial shocks. But on the other hand, the new regulatory framework adds an extra burden to banks' business plans, affecting credit policies and thus, the real economy. Another issue that is not properly addressed is the rising of financial innovations that are able to pass by the new regulations. Overall, Basel III rules are moving to the right direction, but need to stay always up-to-date in order to catch up with the modern ever-evolving financial system. Pros and cons. Need for improvement. Originality/value -The paper presents an up-to-date review of Basel rules with future prospects.
Journal of Financial Regulation and Compliance, 2015
Purpose -This paper aims to highlight the new regulatory framework established by Basel III. Desi... more Purpose -This paper aims to highlight the new regulatory framework established by Basel III. Design/methodology/approach -This paper provides a critical review of the existing literature concerning bank supervision, while providing an overview of the transition from Basel I to Basel III rules and critical appraisal of the current regulatory framework. Review of the existing literature. Findings -Basel III introduces new measures in favor of bank stability and in order to mitigate the propagation of financial shocks. But on the other hand, the new regulatory framework adds an extra burden to banks' business plans, affecting credit policies and thus, the real economy. Another issue that is not properly addressed is the rising of financial innovations that are able to pass by the new regulations. Overall, Basel III rules are moving to the right direction, but need to stay always up-to-date in order to catch up with the modern ever-evolving financial system. Pros and cons. Need for improvement. Originality/value -The paper presents an up-to-date review of Basel rules with future prospects.
Purpose -This paper aims to highlight the new regulatory framework established by Basel III. Desi... more Purpose -This paper aims to highlight the new regulatory framework established by Basel III. Design/methodology/approach -This paper provides a critical review of the existing literature concerning bank supervision, while providing an overview of the transition from Basel I to Basel III rules and critical appraisal of the current regulatory framework. Review of the existing literature. Findings -Basel III introduces new measures in favor of bank stability and in order to mitigate the propagation of financial shocks. But on the other hand, the new regulatory framework adds an extra burden to banks' business plans, affecting credit policies and thus, the real economy. Another issue that is not properly addressed is the rising of financial innovations that are able to pass by the new regulations. Overall, Basel III rules are moving to the right direction, but need to stay always up-to-date in order to catch up with the modern ever-evolving financial system. Pros and cons. Need for improvement. Originality/value -The paper presents an up-to-date review of Basel rules with future prospects.
3] operational infrastructure. There is the social aspect, which resulted in a broad community of... more 3] operational infrastructure. There is the social aspect, which resulted in a broad community of Internauts working together to create and evolve the technology.
This paper aims to shed light on the venture of the recapitalization of the Greek " systemic " ba... more This paper aims to shed light on the venture of the recapitalization of the Greek " systemic " banks in the time period following the major global financial crisis in 2008. The aim is both to present an objective representation of the situation that occurred in the Greek banking system, as a result of the bad fiscal situation, and also to criticize the measures taken in response. More specifically, an empirical analysis is implemented to examine the application of Private Sector Involvement (PSI) and its impact on Greek banks. The results show the negative effect that this measure had changing the whole banking system and endangering its private nature. It is proved that Greek banks were well shielded against recession and that if PSI hadn't imposed on them, the funds raised solely by individuals, during the recapitalization process, were enough to maintain the required capital adequacy set by the authorities. Conclusively, the present study highlights the recapitalization procedure of the Greek Banking System, employs a critical evaluation of the measures taken and discusses what the future holds for the newly established banking map.
The recent global financial recession highlighted the critical role that the banking system plays... more The recent global financial recession highlighted the critical role that the banking system plays in the modern economy. Banks are complex financial institutions that operate in a constantly changing business environment and deal with high levels of risk, while facing fraudulent actions in regular basis. In order to address these problems, banks engage in various internal audit techniques such as the implementation of controls and prevention tools, the usage of anti-fraud methods and data mining. The aim of this paper is to highlight the crucial role of internal auditing in addressing bank fraud. This is achieved by initially providing a review of both theoretical and empirical literature which helps in determining the value of internal auditing and then by proposing a conceptual framework in order to justify its interconnection with bank fraud, and also to serve as a guide for all future reference. The results confirm the fact that internal audit can play a major role in risk assurance and bank fraud management thus, ensuring banks' normal and uninterrupted operation. The paper also provides some useful insights for future application of internal audit methods thus, laying the ground for a fruitful dialogue among the various stakeholders.
This paper aims to shed light on the venture of the recapitalization of the Greek “systemic” bank... more This paper aims to shed light on the venture of the recapitalization of the Greek “systemic” banks in the time period following the major global financial crisis in 2008. The aim is both to present an objective representation of the situation that occurred in the Greek banking system, as a result of the bad fiscal situation, and also to criticize the measures taken in response. More specifically, an empirical analysis is implemented to examine the application of Private Sector Involvement (PSI) and its impact on Greek banks. The results show the negative effect that this measure had changing the whole banking system and endangering its private nature. It is proved that Greek banks were well shielded against recession and that if PSI hadn’t imposed on them, the funds raised solely by individuals, during the recapitalization process, were enough to maintain the required capital adequacy set by the authorities. Conclusively, the present study highlights the recapitalization procedure of the Greek Banking System, employs a critical evaluation of the measures taken and discusses what the future holds for the newly established banking map.
The present study deals with Eurasian Economic Community (EurAsEC), a relatively new entity that ... more The present study deals with Eurasian Economic Community (EurAsEC), a relatively new entity that appeared in the post-Soviet region, which tries to join the neighboring countries into a strong and structured union. The paper presents the integration steps that have been taken so far and examines the economic challenges faced as well as the geostrategic aspects. A comparison with the benchmark of the surrounding area, the European Union, is also undertaken in order to investigate both the similarities and differences among them and show if they could co-exist in the years to come. The main purpose of this study is to examine the reasons for the union’s formation, shed light on its economic prospects and highlight the newly established geostrategic conditions in such a crucial territory of the world.
The present study undertakes a critical review of the research around the major issue of the tran... more The present study undertakes a critical review of the research around the major issue of the transmission channels between financial sector and real economy. The aim of the study is to shed light on the interaction between the financial system and the economy, in the shadow of the current crisis. The literature documents the importance of these channels in the determination of economic activity and therefore, real economy as a whole. The study highlights the emergence of the liquidity channel as a key factor of the transmission of bank credit shocks to real economy and underlines the existing "regulation gaps". The paper concludes that the financial sector plays an even more crucial role these days and drastic measures along with intense supervision must be undertaken so as to work properly and serve the economic world.
European Scientific Journal, Jan 1, 2012
This study undertakes a critical review of the research on the multi-significant issue of the cor... more This study undertakes a critical review of the research on the multi-significant issue of the correlation between IT investments and economic performance at a micro and macroeconomic level. The aim of this study is to shed light on the interaction of IT with the economy, at corporate, industry and national level and document it' s contribution to productivity and therefore to economic growth. The study concludes that there is a positive effect of IT investments on both the two leading economic indicators, productivity and economic growth, in all aspects, but is something that needs further research so as to find a more clear and risk adjusted relation.
Available at SSRN 2159837, Jan 1, 2012
The present study undertakes a critical review of the research around the major issue of the tran... more The present study undertakes a critical review of the research around the major issue of the transmission channels between financial sector and real economy. The aim of the study is to shed light on the interaction between the financial system and the economy, in the shadow of the current crisis. The literature documents the importance of these channels in the determination of economic activity and therefore, real economy as a whole. The study highlights the emergence of the liquidity channel as a key factor of the transmission of bank credit shocks to real economy and underlines the existing "regulation gaps". The paper concludes that the financial sector plays an even more crucial role these days and drastic measures along with intense supervision must be undertaken so as to work properly and serve the economic world.
Conference Presentations by Georgios L Vousinas
9th National Conference of the Financial Engineering and Banking Society, , 2018
Purpose-The purpose of this study is twofold: to provide a general overview of the newly establis... more Purpose-The purpose of this study is twofold: to provide a general overview of the newly established accounting standard-IFRS 9 and highlight its expected impact on the financial condition of the European banking system, placing the focus on the Greek banking sector. Design/methodology/approach-The research methodology implemented is a critical overview of IFRS 9, based on officially published papers by the regulatory authorities as well as recent trusted professional papers and guidance reports, due to the fact that the implementation of IFRS 9 is very recent and banking institutions are gradually adopting it. An analytical description of the new requirements and banks' readjustments is also provided and the expected impact on the European banking system is analysed, through the lens of the Greek systemic banks, as slightly captured, due to the small period of implementation. Findings-The findings showed that the expected alterations due to the implementation of IFRS 9 will cause major effects to the European banking system, at all levels. The authors highlight that banks must proceed to fundamental changes into their existing business models to respond to the IFRS 9 requirements from the view of the effects the latter will have on their financial situation. Regarding the Greek banking system, the study highlights that IFRS 9 implementation is expected to raise the coverage of NPEs (a positive impact), while additional provisions will have a negative regulatory capital effect. Originality/value-This paper offers the first, to the best of the authors' knowledge, study focusing on the expected impact the implementation of IFRS 9 will have on the Greek banking system. It also provides a general overview of IFRS 9, driven by the relative shortage of relevant research, while offering useful insights which contribute to a deeper understanding of the transition and transmission effect on the banking system's functionality.
Following the recession created by the recent global financial crisis, which caused disruptions i... more Following the recession created by the recent global financial crisis, which caused disruptions in the funding markets and in the financial flow level of supply chains, companies were forced to reduce their working capital targets, as well as find new forms of financing their business plans. This inevitably caused a substantial shock in the supply chains across the world thus, creating both an inventory-driven and a financial bullwhip effect. While the previous Supply Chain Management (SCM) research has focused on the bullwhip effect of physical material flows, the existing bullwhip in financial flows has been neglected, despite the crisis-enhanced interest and its growing significance. The main objective of this paper is to study the current literature dealing with the interactions among supply chain material and financial flows, to shed light on the increasing amplification of financial distortion along supply chains, caused by the transmission channels of financial shocks at the micro (firm) and the macro (economy) level and to build on current theory by introducing the supply chain financial bullwhip effect (SCFBE) in the contemporary supply chain scientific agenda.
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Papers by Georgios L Vousinas
Design/methodology/approach – The paper reviews the most commonly used and widely accepted models for explaining why people commit fraud - the Fraud Triangle, the Fraud Diamond, the Fraud Scale and the MICE model. The author argues that these models need to be updated to adapt to the current developments in the field and the ever growing fraud incidents, both in frequency and severity, and builds on the theoretical background to create a new model so as to enhance the understanding behind the major factors which lead to the commitment of fraud.
Findings – The author identifies a major element - Ego - which plays a crucial role in compelling people to commit fraud and concludes in the formation of the S.C.O.R.E. model, which is graphically depicted in the Fraud Pentagon. He goes further by adding the factor collusion in order to better apply in cases of white-collar crimes.
Originality/value – The paper develops the S.C.O.R.E. model in order to contribute to the development of fraud theory by identifying the key factors that play a major role in whether fraud will actually occur and acting as a theoretical benchmark for all future reference.
Keywords – Fraud, Stimulus, Capability, Opportunity, Rationalization, Ego, Collusion, S.C.O.R.E. model.
Conference Presentations by Georgios L Vousinas
Design/methodology/approach – The paper reviews the most commonly used and widely accepted models for explaining why people commit fraud - the Fraud Triangle, the Fraud Diamond, the Fraud Scale and the MICE model. The author argues that these models need to be updated to adapt to the current developments in the field and the ever growing fraud incidents, both in frequency and severity, and builds on the theoretical background to create a new model so as to enhance the understanding behind the major factors which lead to the commitment of fraud.
Findings – The author identifies a major element - Ego - which plays a crucial role in compelling people to commit fraud and concludes in the formation of the S.C.O.R.E. model, which is graphically depicted in the Fraud Pentagon. He goes further by adding the factor collusion in order to better apply in cases of white-collar crimes.
Originality/value – The paper develops the S.C.O.R.E. model in order to contribute to the development of fraud theory by identifying the key factors that play a major role in whether fraud will actually occur and acting as a theoretical benchmark for all future reference.
Keywords – Fraud, Stimulus, Capability, Opportunity, Rationalization, Ego, Collusion, S.C.O.R.E. model.
Design/methodology/approach – The research methodology implemented is a qualitative survey applying a self-structured, properly designed questionnaire, comprised of a set of twenty targeted questions, using the five-point Likert scale. Survey participants were determined through a pre-selection process to ensure high quality of responses by focusing on mid to upper level auditors (managers and supervisors), with significant experience in both IA and fraud confrontation.
Findings – The findings of the study showed that Greek banks’ IA units are well organized in terms of established policies and procedures, existing internal control mechanisms and risk assessment. On the other hand, based on the responses of IA executives, weaknesses are identified in matters of proper usage of Computer Assisted Audit Techniques (CAATs), the operation of a continuous auditing software for fraud detection, establishing a well-designed open-door policy and in the existence of an ongoing anti-fraud training for all the IA staff.
Originality/value – This paper offers the first, to the author’s knowledge, empirical study focusing on the evaluation of the effectiveness of major Greek banks’ IA departments regarding the key issue of confronting fraud. The results of the study provide useful findings on the operation of IA units, as expressed by their own staff, and offer invaluable insights for the Chief Audit Executives (CAEs) and banks’ managements as for further enhancing IA procedures in the endless fight against fraud.