Available online at www.sciencedirect.

com

ScienceDirect
Procedia Economics and Finance 33 (2015) 562 – 572

WK,QWHUQDWLRQDO&RQIHUHQFH7KH(FRQRPLHVRI%DONDQDQG(DVWHUQ(XURSH&RXQWULHVLQWKH
FKDQJHGZRUOG(%((&0D\

7KH5RDGPDSVRI7RWDO4XDOLW\0DQDJHPHQWLQWKH*UHHN
HGXFDWLRQV\VWHPDFFRUGLQJWR'HPLQJ-XUDQDQG&URVE\LQOLJKW
RIWKH()40PRGHO

6RILD'$QDVWDVLDGRX 
8QLYHUVLW\RI:HVWHUQ0DFHGRQLDRNP)ORULQDV1LNLV*UHHFH


$EVWUDFW

,QWKHSUHVHQWSDSHUWKHURDGPDSVOHDGLQJWRTXDOLW\DUHSUHVHQWHG7KH\UHIHUERWKWRWKHJHQHUDOPRGHORI7RWDO4XDOLW\0DQDJHPHQWDVZHOODV
WR WKH TXDOLW\ JXUXV 'HPLQJ -XUDQ DQG &URVE\ 9LHZV RI *UHHN WHDFKHUV DUH DQDO\]HG DFFRUGLQJ WR ()40 PRGHO &RPPRQ SRLQWV DQG
GLIIHUHQFHVRIWKHVHYLHZVDUHVWUHVVHGDQGYDOXDEOHFRQFOXVLRQVDUHGUDZQLQWKHILHOGRI7RWDO4XDOLW\0DQDJHPHQWLQ*UHHN(GXFDWLRQ

‹7KH$XWKRUV3XEOLVKHGE\(OVHYLHU%9
© 2015 Published by Elsevier B.V. This is an open access article under the CC BY-NC-ND license
3HHUUHYLHZXQGHUUHVSRQVLELOLW\RI>'HSDUWPHQWRI$FFRXQWDQF\DQG)LQDQFH(DVWHUQ0DFHGRQLDDQG7KUDFH,QVWLWXWHRI
(http://creativecommons.org/licenses/by-nc-nd/4.0/).
7HFKQRORJ\@
Peer-review under responsibility of Department of Accountancy and Finance, Eastern Macedonia and Thrace Institute of Technology

.H\ZRUGV4XDOLW\0DQDJHPHQW*UHHN(GXFDWLRQ'HPLQJ-XUDQ&URVE\

()400RGHO

7KH()40PRGHOLVDZLGHO\NQRZQPRGHOZKLFKFDQEHDSSOLHGE\DQRUJDQL]DWLRQLQRUGHUWRLPSOHPHQWWKH
SULQFLSOHVRI7RWDO4XDOLW\0DQDJHPHQWDQGWRDFKLHYHH[FHOOHQFH7KH()40PRGHOFRQVLVWVRIDVHWRIFULWHULD
DQG LV PDLQO\ FODVVLILHG LQWR WZR FDWHJRULHV FDOOHG ³HQDEOHUV´ DQG ³UHVXOWV´ $QDVWDVLDGRX HW DO D


&RUUHVSRQGLQJDXWKRU7HOID[
(PDLODGGUHVVVDQDVWDVLDGRX#XRZPJU

2212-5671 © 2015 Published by Elsevier B.V. This is an open access article under the CC BY-NC-ND license
(http://creativecommons.org/licenses/by-nc-nd/4.0/).
Peer-review under responsibility of Department of Accountancy and Finance, Eastern Macedonia and Thrace Institute of Technology
doi:10.1016/S2212-5671(15)01738-4
 Sofia D. Anastasiadou / Procedia Economics and Finance 33 (2015) 562 – 572 563

$QDVWDVLDGRXHWDOE+LGHVHWDO
7KH PRGHO LV IRFXVHG RQ WKH KXPDQ IDFWRU 7KH ILUVW ILYH FULWHULD ³HQDEOHUV´ OHDGHUVKLS SROLF\ DQG VWUDWHJ\
KXPDQ UHVRXUFHV SDUWQHUVKLSUHVRXUFHV DQG SURFHVVHV DUH WKH PDLQ IDFWRUV WR EH DSSOLHG E\ WKH FRPSDQ\ 
RUJDQL]DWLRQLQRUGHUWRLQFUHDVHSHUIRUPDQFHDQGWKH PRGHOLV FRPSOHWHGLQWKHRWKHU IRXUFULWHULD ZKLFKDUHWKH
³UHVXOWV´FXVWRPHUUHVXOWVSHRSOHVRFLHW\DQGWKHEXVLQHVVUHVXOWV&DOYR0RUDHWDO
,QWKHSUHVHQWUHVHDUFKWKHFULWHULDRI()40RIPRGHOLQUHVSHFW'HPLQJ¶V-XUDQ¶VDQG&URVE\¶VSKLORVRSKLHVDUH
UHFRUGHG7KHYLHZVRI6HFRQGDU\(GXFDWLRQWHDFKHUVDUHDQDO\]HGLQOLJKWRIWKHVHFULWHULDKLJKOLJKWLQJWKXVWKH
GLPHQVLRQV RI WKH *UHHN HGXFDWLRQDO UHDOLW\ 6HFWLRQ  EULHIO\ SUHVHQWV WKH 'HPLQJ¶V -XUDQ¶V DQG &URVE\¶V
SKLORVRSK\ 6HFWLRQ  GHVFULEHV WKH PHWKRGRORJ\ DQG WKH GHVFULSWLRQ RI WKH GDWD XVHG LQ WKH PRGHO 6HFWLRQ 
DQDO\]HV WKH UHVXOWV RI WKH SHUIRUPHG HPSLULFDO DQDO\VLV )LQDOO\ WKH ODVW VHFWLRQ VXPPDUL]HV DQG FRQFOXGHV WKH
ILQGLQJV

'HPLQJ¶V-XUDQ¶VDQG&URVE\¶VSKLORVRSK\

'HPLQJ¶VSKLORVRSK\'U(GZDUG'HPLQJKDVEHHQFKDUDFWHUL]HGE\PDQ\UHVHDUFKHUVDV³DQHPEOHPDWLFILJXUH
IRU WKH DGPLQLVWUDWLRQ RI TXDOLW\´ 3HWHUVHQ   7KH WKHRU\ DQG PHWKRG DSSOLHG E\ 'HPLQJ DUH DFFHSWHG
ZRUOGZLGH DV QXPHURXV VWXGLHV KDYH XVHG WKHP RQ WKH 740 $OWKRXJK KH GRHV QRW SURYLGH D FOHDU GHILQLWLRQ RI
TXDOLW\ KH EHOLHYHV WKDW TXDOLW\ LV GHILQHG DQG GHWHUPLQHG E\ WKH FXVWRPHU¶V QHHGV +H LQVLVWV QRW RQO\ RQ WKH
SURPLQHQWUROHEXWDOVRRQWKHUHVSRQVLELOLW\RIPDQDJHPHQWH[HFXWLYHV,WLVSUHFLVHO\WKHPDQDJLQJH[HFXWLYHVZKR
DUHUHVSRQVLEOHE\IRUWKHSRWHQWLDOLPSURYHPHQWRITXDOLW\ZKLFKLVOLPLWOHVVDQGLWLVWKHVHSHRSOHZKRDUHLQ
FKDUJHRIPDLQWDLQLQJWKHSRLQWVRI'HPLQJ'HPLQJ6WHIDQDWRV,QDQ\FDVHWKHSDUWLFLSDWLRQRI
HPSOR\HHV LV D QHFHVVDU\ DQG VXIILFLHQW FRQGLWLRQ IRU KHDOWK\ FRPPXQLFDWLRQ DPRQJ HPSOR\HHV DLPLQJ DOZD\V DW
DFKLHYLQJUHDODQGQRWXQUHDOLVWLFJRDOVDLPLQJDOVRDWHOLPLQDWLQJZRUNLQJVWDQGDUGVDQGQXPHULFDOSHUFHQWDJHV+H
LQWURGXFHVDQGVHSDUDWHVWKHVSHFLDOFDXVHV IURP WKHFRPPRQFDXVHVKH IRFXVHVRQWKH FRQWUROGXULQJSURGXFWLRQ
DQG QRW LQ WKH HQG SURGXFWV DGRSWLQJ WKH V\VWHPDWLF DSSURDFK LQ WKH SUREOHP VROXWLRQ NQRZQ DV 'HPLQJ¶V F\FOH
3'&$DQGKHSURSRVHVWKHXVHRIVWDWLVWLFDOWHFKQLTXHVRISURFHVVHVFRQWURO63&DLPLQJDWUHGXFLQJYDULDELOLW\
6WHIDQDWRV
7KHORJLFRI'HPLQJ¶VF\FOHDVVKRZQE\WKHLQLWLDOVRIWKHZRUGV3ODQ'R&KHFNDQG$FWLVEDVHGRQWKHEHOLHI
WKDWHYHU\WKLQJEHJLQVZLWKSODQQLQJWKHDSSOLFDWLRQRIWKHSODQIROORZVWKHQHFHVVDU\FRQWUROVDQGWKHWHVWVFRPH
QH[WDQGILQDOO\WKHUHDUHWKHQHFHVVDU\VWUXFWXUDODFWLRQV$GGLWLRQDOO\DFFRUGLQJWR'HPLQJWKH4XDOLW\*XUXWKH
SULFH UHJDUGLQJ VXSSOLHUV FDQQRW EH WKH RQO\ FULWHULRQ ZKLOH KH LQVLVWV RQ WKH VWDELOLW\ LQ FKRRVLQJ RQH VXSSOLHU
%HORZ WKHUH LV D VXPPDU\ RI WKH  VWHSV GHHPHG QHFHVVDU\ WR WUDQVIRUP WKH FRUSRUDWH FXOWXUH
7KH ILUVW VWHS VWHS  UHIHUV WR WKH REOLJDWLRQV RI WKH PDQDJHPHQW WR FUHDWH DQ HQYLURQPHQW RI VWDELOLW\ DQG
FRQWLQXRXV LPSURYHPHQW RI VHUYLFHV DQG SURGXFWV WKURXJK D ORQJWHUP FOHDU SODQ YLVLRQ DQG SXUSRVH
7KLV FDQ EH DFKLHYHG LI WKH DGPLQLVWUDWLRQ DGRSWV WKH QHZ SKLORVRSK\ RI FKDQJH FRPPLWPHQW DQG GHGLFDWLRQ WR
FRQWLQXLQJLPSURYHPHQWVWHS7KHQHZPHWKRGRIDGPLQLVWUDWLRQLQYROYHVUHSODFLQJWKHROGPDQDJHPHQWPHWKRGV
ZKLFK DUH QRW HIIHFWLYH LQ WRGD\
V EXVLQHVV HQYLURQPHQW 'HPLQJ LQ VWHS SURSRVHV WR GHWR[ IURP WKH SURGXFW
LQVSHFWLRQ WR DFKLHYH TXDOLW\ +H UHIHUV WR WKH DYRLGDQFH RI VHOHFWLRQ RI UDZ PDWHULDOV DQG VXSSOLHUV H[FOXVLYHO\
EDVHGRQO\RQSULFHLQVWHS,QVWHSFRQWLQXRXVLPSURYHPHQWRIWKHTXDOLW\RISURGXFWLRQDQGVHUYLFHV\VWHPDV
EDVLF LV H[SRVHG 'HPLQJ EHOLHYHV LQ TXDOLW\ DZD\ IURP WKH REVWDFOHV RI DGPLQLVWUDWLRQ DQG IRFXVHV RQ KXPDQ
UHVRXUFHV
7KHHVWDEOLVKPHQWRIHGXFDWLRQDOSURJUDPVDQGWUDLQLQJRIHPSOR\HHVVWHSZLOOKHOSUHPRYHRIILFLDOV¶IHDURI
WKH QHZ HOLPLQDWH SXQLVKPHQW PRUH ZRUNLQJ KRXUV VDODU\ UHGXFH HWF DQG HVWDEOLVK D VDIH HQYLURQPHQW WKDW DOO
LGHDVZLOOEHGLVXVHG VWHSDQGHYHQWXDOO\SURPRWHFUHDWLYLW\DQGFRRSHUDWLRQ7KHDERYHHOHPHQWVLQRUGHUWREH
DFKLHYHG UHTXLUH QHZ PDQDJHPHQW PHWKRGV WKXV PDQDJHUV FRXOG OHDG JXLGH DQG VXSSRUW VWDII SURSHUO\ VWHS 
$OVR WHDPZRUN VWHS  LV WKH FRUQHUVWRQH IRU PRGHUQ PDQDJHPHQW DQG WKURXJK WHDPZRUN SUREOHPV FRXOG EH
DYRLGHG LQ WKH SURGXFWLRQ SURFHVV ,Q VWHS  'HPLQJ DEROLVKHV WKH PLVVLRQ VWDWHPHQWV WKDW UHTXLUH QHZ OHYHOV RI
SURGXFWLYLW\ DQG QR GHIHFW LQ WKH SURGXFW ZKLOH VLPXOWDQHRXVO\ WKH\ HQFRXUDJH WKH HOLPLQDWLRQ RI ZRUN VWDQGDUGV
DQGWKHTXDQWLWDWLYHJRDOVRISURGXFWLRQZKLFKIDYRXUTXDQWLW\DQGKDPSHUTXDOLW\DQGSURGXFWLYLW\VWHS7KH
FRPSDQ\ VKRXOG UHZDUG HPSOR\HHV VWHS  WKXV HPSOR\HHV IHHO SURXG RI WKHLU ZRUN DQG DFKLHYHPHQWV
$GGLWLRQDOO\WKURXJKDSURJUDPRIWUDLQLQJDQGFRQWLQXRXVUHWUDLQLQJ6WHSWRLQQRYDWLRQVQHZSUDFWLFHVDQG
564 Sofia D. Anastasiadou / Procedia Economics and Finance 33 (2015) 562 – 572

VNLOOVHQVXUHWKHDFTXLVLWLRQRIQHZVNLOOVDQGJRRGH[HFXWLRQERWKIRUZRUNHUVPDQDJHUVDQGWRSH[HFXWLYHV/DVW
EXW QRW OHDVW VWHS  LV WKH ³PDQDJHPHQW¶V ORQJ WHUP FRPPLWPHQW WR LPSOHPHQW DOO RI WKH DERYH  VWHSV´
$QDVWDVLDGRXHWDO'HPLQJ6WHIDQDWRV
-XUDQ¶VSKLORVRSK\-XUDQEHOLHYHVWKDWWKHGHILQLWLRQRITXDOLW\LVLQWHUZRYHQZLWK³VXLWDELOLW\´RIDSURGXFWRUD
VHUYLFH WR EH XVHG DQG LV GLUHFWO\ FRQQHFWHG ZLWK FXVWRPHU VDWLVIDFWLRQ -XUDQ  $FFRUGLQJ WR -XUDQ WKH
GHWHUPLQDWLRQ RI FXVWRPHUV¶ QHHGV ZKR DUH GLVWLQJXLVKHG LQ LQWHUQDO DQG H[WHUQDO DQG WKH LQWHUSUHWDWLRQ
WUDQVIRUPDWLRQ RI WKHVH QHHGV LQWR VSHFLILFDWLRQV DUH LPSRVHG 6WHIDQDWRV  +RZHYHU -XUDQ LQWURGXFHV D
VHFRQGGLPHQVLRQRITXDOLW\ZKLFKLVFRQQHFWHGWRWKHFRUUHFWXQPLVWDNHQSURGXFWLRQRIWKHSURGXFWRUVHUYLFH)RU
-XUDQ D QHFHVVDU\ DQG VXIILFLHQW FRQGLWLRQ IRU TXDOLW\ DVVXUDQFH LV WKH FRUUHFW DQG SURJUDPPHG GHVLJQ 0RUHRYHU
-XUDQ PDLQWDLQV WKDW TXDOLW\ LV QRW HQVXUHG LQFLGHQWDOO\ DQG LV QRW IRU IUHH ,W LV WKH PDQDJHPHQW ZKLFK LV 
UHVSRQVLEOH IRU &RQWLQXRXV ,PSURYHPHQW RI TXDOLW\ &RQVHTXHQWO\ LW LV WKH PDQDJHPHQW ZKLFK LV PDLQO\
UHVSRQVLEOHIRU³ORZ´TXDOLW\-XUDQ-XUDQ *U\QD-XUDQSURSRVHVTXDOLW\FRQWUROWKURXJKWKHWULORJ\
'HVLJQIRU4XDOLW\,PSURYHPHQWIRU4XDOLW\DQG4XDOLW\&RQWURO+HDOVRSURSRVHVWKH,PSOHPHQWDWLRQRIDVWHS
5RDGPDS7KHVHVWHSVUHIHUWRWKHGHVLJQDWLRQRIWKHFXVWRPHUVVWHSWKHGHVLJQDWLRQRIFXVWRPHUVQHHGVVWHS
WKHWUDQVODWLRQRIWKHVHQHHGVLQWRWHFKQLFDOSURFHGXUHVVWHSWKHSURGXFWGHYHORSPHQWZKLFKVDWLVILHVWKHVHQHHGV
VWHS  WKH LPSURYHPHQW RI WKH SURGXFW VR WKDW LW VDWLVILHV WKH QHHGV RI WKH SURGXFW DQG RI WKH EXVLQHVV VWHS 
GHYHORSPHQWRIWKHSURGXFWLRQSURFHVVFDSDEOHRISURGXFLQJWKLVUHVXOWVWHSLPSURYHPHQWRIWKHSURFHVVVWHS
YHULILFDWLRQRIWKHIDFWWKDWWKLVSURFHVVPD\IXQFWLRQLQUHDOFRQGLWLRQVRISURGXFWLRQVWHSLQFRUSRUDWLRQRIWKLV
SURFHVV LQ SURGXFWLRQ 6WHIDQDWRV  +H SURSRVHV WKH XVH RI VWDWLVWLFDO PHWKRGV DQG HVSHFLDOO\ RI 3DUHWWR
GLDJUDPZKLFKSUHVHQWVWKHFRQWULEXWLRQRIHDFKFDXVHLQWKHHQGUHVXOW7KHSULQFLSDOIRUWKHGLDJUDPLVEDVHGRQ
WKHIDFWWKDWLQTXDOLW\LVVXHVDPRQJRWKHUVRIWKHFDXVHVSURYRNHRIWKHSUREOHPV
-XUDQ
V WKHRU\ LV EDVHG RQ WKUHH GLPHQVLRQV DQG LV NQRZQ DV ³7KH WULORJ\ RI TXDOLW\´ -XUDQ  -XUDQ 
*U\QD  ,Q WKH ILUVW SKDVH WKHUH LV TXDOLW\ SODQQLQJ E\ SURYLGLQJ IRU VSHFLDO WUDLQLQJ RI DOO SDUWLFLSDQWV LQ D
FRPSDQ\  RUJDQL]DWLRQ RQ TXDOLW\ GHVLJQ /HDGHUVKLS WKHQ QHHGV WR LGHQWLI\ LQWHUQDO DQG H[WHUQDO FXVWRPHUV WR
FRQFUHWLVHWKHLUQHHGVWRGHVLJQWKRVHSURGXFWVWKDWVDWLVI\WKHPFRPSOHWHO\DQGILQDOO\WRFRQVROLGDWHWKHIDYRUDEOH
SURFHGXUHVWKURXJKZKLFKWKHSURGXFWVZLOOEHSURGXFHG6WHIDQDWRV
7KH VHFRQG SKDVH LQFOXGHV FKHFNLQJ TXDOLW\ 'XULQJ WKLV SURFHVV FRPSOLDQFH ZLWK WKH VWDQGDUGV RI TXDOLW\
GRPLQDWHV 7KLV LV DFKLHYHG E\ FRPSDULQJ WKH UHVXOWV DJDLQVW WKH VWDQGDUGV VHW DQG DSSO\LQJ FRRUGLQDWHG UHPHGLDO
HIIRUWVZKHQWKHUHLVDGLIIHUHQFHEHWZHHQWKHVHWZR7KHWKLUGDQGILQDOSDUWRIWKH³WULORJ\RITXDOLW\´LVWRLPSURYH
TXDOLW\ 6WHIDQDWRV  ,W LV D SURFHVV LQ ³ZKLFK LW LV QHFHVVDU\ WR UHGXFH WKH ZDVWH DQG FKURQLF GHIHFWV DQG
DFKLHYHDQHZLPSURYHGTXDOLW\FRQWURO]RQH´-XUDQ-XUDQ-XUDQ *U\QD
&URVE\¶VSKLORVRSK\)RU&URVE\TXDOLW\LVLQWHUZRYHQZLWKFRQIRUPDQFHWRUHTXLUHPHQWVDQGKHHPSKDVL]HVRQ
SUHYHQWLRQLQVWHDGRIHVWLPDWHEDVHGRQWKHVWHSUHSHWLWLRQZLWKFOHDUFRPPLWPHQWRQWKHSDUWRI$GPLQLVWUDWLRQ
ZKLFK LV H[FOXVLYHO\ UHVSRQVLEOH IRU &RQWLQXRXV ,PSURYHPHQW &URVE\ GRHV QRW IRFXV RQ VWDWLVWLFDO SURFHGXUHV
,QVWHDGKHIRFXVHVRQTXDOLW\FRVWLQJDQGKHFODVVLILHVFRVWLQWRFRPSOLDQFHDQGQRQFRPSOLDQFHFRVW+HSURSRVHV
WKHIRUPDWLRQRITXDOLW\LPSURYHPHQWJURXSVDQGTXDOLW\FRXQFLOV&URVE\¶VSULQFLSOHLV]HURGHIHFWV
&URVE\¶V PDLQ LGHD JRYHUQLQJ 4XDOLW\ DQG WKHUHIRUH LWV LPSURYHPHQW LV FRQWDLQHG LQ KLV VORJDQ
]HUR GHIHFWV

&URVE\%HQGHOOHWDO7KHSKLORVRSK\RI&URVE\LVH[SUHVVHGWKURXJKIRXUDEVROXWHV$FFRUGLQJWRWKH
ILUVW RQH 4XDOLW\ LV FRPSOLDQFH ZLWK UHTXLUHPHQWV 6HFRQG 3UHYHQWLRQ LQVWHDG RI HVWLPDWH 7KLUG 6WDQGDUG LV WKH
]HURGHIHFWV)RXUWK4XDOLW\0HDVXUHPHQWLVWKHYDOXHRIQRQFRQIRUPLWLHV&URVE\
&URVE\ SURSRVHV WKH IROORZLQJ  VWHSV WR LPSURYH TXDOLW\  0DQDJHPHQW &RPPLWPHQW  4XDOLW\
LPSURYHPHQWWHDP0HDVXUHPHQWRIQRQFRQIRUPLWLHV0HDVXUHPHQWRITXDOLW\FRVWV6HQVLWL]DWLRQWR4XDOLW\
 &RUUHFWLYH DFWLRQV  'HVLJQ IRU =HUR 'HIHFWV  6WDII (GXFDWLRQ  'D\ RI =HUR 'HIHFWV  'HILQLWLRQ RI
JRDOV  (OLPLQDWLRQ RI HUURU FDXVHV  5HFRJQLWLRQ  4XDOLW\ &RXQFLOV DQG ILQDOO\  5HSHDW DOO WKH DERYH
VWHSV&URVE\
 Sofia D. Anastasiadou / Procedia Economics and Finance 33 (2015) 562 – 572 565

0HWKRGRORJ\

7KH(XURSHDQ4XDOLW\$ZDUG0RGHO()400RGHO

7KH (XURSHDQ 4XDOLW\ $ZDUG ()40 0RGHO LV D ODUJHO\ NQRZQ PRGHO ZKLFK DQ LQVWLWXWLRQ FDQ DSSO\ WR
LPSOHPHQW 7RWDO 4XDOLW\ 0DQDJHPHQW 3ULQFLSOHV WR DFKLHYH H[FHOOHQFH 7KH ()40 PRGHO FRQVLVWV RI D VHW RI
FULWHULDZKLFKDUHPDLQO\FODVVLILHGLQWRWZRFDWHJRULHVFDOOHG³HQDEOHUV´DQG³UHVXOWV´'HUYLWVLRWLV%ODQDV
&DPSDWHOOLHWDO0DUWLQ&DVWLOOD7KHQLQH()40PRGHOFULWHULDDUHDQDO\]HGEHORZEDVHGRQ
LQWHUQDWLRQDOOLWHUDWXUH7KHILUVWILYHFULWHULD±³HQDEOHUV´/HDGHUVKLS3ROLFLHVDQG6UDWHJ\+XPDQ5HVRXUFHVWKH
FROODERUDWLRQV ± UHVRXUFHV DQG SURFHGXUHV DUH WKH EDVLF IDFWRUV WKDW WKH FRPSDQ\RUJDQL]DWLRQ PXVW SXW LQWR
SUDFWLFHVRWKDWLWUDLVHVLWVSHUIRUPDQFH0F$GDP %DQQLVWHU7KHIRXUFULWHULDWKDWDUHOHIWDUHWKH³UHVXOWV´
WKHUHVXOWVRIFXVWRPHUV+XPDQ5HVRXUFHVVRFLHW\DQGFRPSDQ\LQVWLWXWLRQ

7KHVDPSOH

7KH UHVHDUFK VDPSOH FRQVLVWHG RI  *UHHN WHDFKHUV LQ VHFRQGDU\ HGXFDWLRQ 7KH VWURQJ DV ZHOO DV WKH ZHDN
SRLQWVRIWKHILYHFULWHULD± ³HQDEOHUV´/HDGHUVKLS3ROLFLHVDQG 6WUDWHJ\+XPDQ5HVRXUFHVWKHFROODERUDWLRQV±
UHVRXUFHVDQGSURFHGXUHVRIWKH()40PRGHOZHUHUHJLVWHUHGDQGDQDO\]HG7KHUHDVRQVRIWKHORZSHUIRUPDQFHRI
WKHHGXFDWLRQSURFHVVZHUHGLVFXVVHG

7KHILUVWIDFWRU³/HDGHUVKLS´

7KH ILUVW ILYH FULWHULD ± ³HQDEOHUV´ /HDGHUVKLS 3ROLFLHV DQG 6WUDWHJ\ +XPDQ 5HVRXUFHV WKH FROODERUDWLRQV ±
UHVRXUFHVDQGSURFHGXUHVDUHDQDO\WLFDOO\SUHVHQWHGDVIROORZV
7KHILUVWIDFWRUQDPHG³/HDGHUVKLS´FRQVLVWVRITXHVWLRQVZKLFKFRQFHUQWKH/HDGHUVKLSDQGDUHSUHVHQWHGLQ
WKHIROORZLQJ7DEOH³/HDGHUVKLS´H[DPLQHVWKHGHJUHHWRZKLFKWKHOHDGHUGHYHORSVV\VWHPDWLFDOO\WKHYLVLRQWKH
YDOXHVWKHPLVVLRQDQGJHQHUDOO\WKHFXOWXUHRIWKHLQVWLWXWLRQWKHPHFKDQLVPVDQGWKHSURFHGXUHVZKLFKSURPRWH
WUDQVSDUHQW DQG HTXDO WUHDWPHQW RI DOO PHPEHUV LQYROYHG ERWK WHDFKHUV DQG VWXGHQWV ZKLFK UHLQIRUFH WKHLU
FRPPXQLFDWLRQDQGFROOHFWLYHDFWLRQRIDOOWHDFKHUVDQGWKHPHFKDQLVPVWKDWHQFRXUDJHWKHHIIRUWVRIWHDFKHUVDQG
VWXGHQWVWKHLUDELOLWLHVDQGVNLOOVLQRUGHUWRSURPRWHHIIHFWLYHDFWLYLWLHV
7DEOH/HDGHUVKLS


/($'(56+,3   '(0,1* -85$1 &526%<
+*7KH/HDGHUQRWLILHVWKHUHVWRIWKHWHDFKLQJ  9  9  9 
VWDIIRIWKHJRDOVWKHYLVLRQDQGWKHYDOXHVRIWKH

LQVWLWXWLRQVFKRRO

+*7KH/HDGHULPSURYHVUHLQIRUFHVKLVKHUDFWLRQV 9  9  9 
VRDVWRPHHWWKHSUHVHQWDQGIXWXUHQHHGVRIWKH
LQVWLWXWLRQ 

+* 7KH /HDGHU SODQV WKH RUJDQL]DWLRQDO VWUXFWXUH 9  9  9 

QRWWKHWHDFKLQJRUUHVHDUFKVWUXFWXUHZKLFKILWVWKH
SROLF\DQGVWUDWHJ\RIWKHLQVWLWXWLRQ

+*7KH/HDGHUDSSOLHVDV\VWHPRIEDVLF 9  9  9 
SURFHGXUHVRUDFWLYLWLHVRIUHLQIRUFHPHQWRIWKH


SROLF\WKHVWUDWHJ\DQGWKHSXUSRVHRIWKHLQVWLWXWLRQ
+*7KH/HDGHULVLQFRQWDFWZLWKWKHGLIIHUHQW  9  ; 9 

SDUWLFLSDQWVLQRUGHUWREHDZDUHRIWKHLUH[SHFWDWLRQV
DQGYLHZV

+*7KH/HDGHUHQFRXUDJHVWKHVWXGHQWV¶DQG 9  9  ;

WHDFKLQJVWDII¶VSDUWLFLSDWLRQLQDFWVRILPSURYHPHQW
+*7KH/HDGHUUHFRJQL]HVSXEOLFO\WKHVXFFHVVIXO 9  9  9 
DFWVRILQGLYLGXDOVDQGWHDPVWRZDUGVLPSURYLQJ
TXDOLW\


566 Sofia D. Anastasiadou / Procedia Economics and Finance 33 (2015) 562 – 572

7KHVHFRQGIDFWRU³3ROLF\DQG6WUDWHJ\RIWKHLQVWLWXWLRQ¶¶

7KH VHFRQG IDFWRU FRQVLVWV RI  TXHVWLRQV ZKLFK FRQFHUQ WKH 3ROLF\ DQG 6WUDWHJ\ RI  WKH ,QVWLWXWLRQ DQG DUH
SUHVHQWHGLQ7DEOHZKLFKIROORZV³3ROLF\DQG6WUDWHJ\´UHIHUVWRWKHORQJWHUPWDUJHWVHWWLQJWKHVXSSRUWLQJDQG
FOHDU SROLFLHV XQGHUVWDQGLQJ WKH QHHGV DQG H[SHFWDWLRQV DV ZHOO DV WKH SULRULWLHV LQYROYLQJ DOO SDUWLHV LQ WKH
LPSOHPHQWDWLRQRIJRDOVUHJDUGLQJWKHVWUDWHJLHVRIWKHHGXFDWLRQDOLQVWLWXWLRQGHDOLQJZLWKVSHFLILFSUDFWLFHVIRUWKH
LPSURYHPHQWRIHGXFDWLRQDOSURFHGXUHV


7DEOH3ROLF\DQG6WUDWHJ\RIWKHLQVWLWXWLRQ

3ROLF\DQG6WUDWHJ\RIWKH,QVWLWXWLRQ

32/,&< $1'  '(0,1* -85$1 &526%<
675$7(*<

367KHSROLF\DQGVWUDWHJ\RIWKHRUJDQL]DWLRQ 9  9  9 

367KHFHQWUDOSROLF\DQGVWUDWHJ\RIWKHLQVWLWXWLRQ 9  9  9 

DUHH[SUHVVO\UHFRUGHGLQZULWLQJ

36$OOWKHVHFWLRQVSDUWVRIWKHFHQWUDOSROLF\RI 9  9  9 
WKHRUJDQL]DWLRQSDUWLFLSDWHLQWKHSURFHGXUHRI 
IRUPLQJDQGQRWLI\LQJLWVSROLF\DQGVWUDWHJ\ 

367KHUHLVDIRUPDOSURFHGXUHRIWKHUHYLVLRQDQG 9  9  9 
UHDGMXVWPHQWRIWKHSROLF\DQGVWUDWHJ\RIWKH 
LQVWLWXWLRQ

367KHFHQWUDOSROLF\DQGVWUDWHJ\RIWKHLQVWLWXWLRQ 9  9  9 
LVFRQVWUXFWHGIROORZLQJDVWUDWHJLFSODQ

367KHWDUJHWVRIWKHFHQWUDOSROLF\RIWKH

9  9  ;
LQVWLWXWLRQDUHGHILQHGLQZULWLQJDQGIROORZLQJD
FOHDUTXDQWLILDEOHZD\ 

367KHWDUJHWVDUHFRPPXQLFDWHGWRDOOWKHOHYHOVRI 9  9  9 
WKHRUJDQL]DWLRQ

367KHSULQFLSOHVRITXDOLW\KDYHEHHQLQWHJUDWHGLQ 9  9  9 

DOOWKHSROLFLHVDQGVWUDWHJLHVDQGWKHJRDOVRIWKH
LQVWLWXWLRQ 
367KHUHLVDSURFHGXUHZKLFKDOORZVWKH  9  9  9 
GHYHORSPHQWRISROLFLHVDQGVWUDWHJLHVRIWKH 

LQVWLWXWLRQDQGWKHLUDGMXVWPHQWLQDVKRUWWHUPIUDPH
367KHQHHGVDQGH[SHFWDWLRQVRIWKHSDUWLFLSDQWV
 9  9  9 
DUHWDNHQLQWRDFFRXQWLQGHILQLQJDQGUHYLVLQJWKH
SROLFLHVDQGVWUDWHJLHV





7KHWKLUGIDFWRU³7KH+XPDQ5HVRXUFHV0DQDJHPHQW¶¶

7KH IDFWRU +XPDQ 5HVRXUFHV 0DQDJHPHQW FRQVLVWV RI  TXHVWLRQV ZKLFK FRQFHUQ +XPDQ 5HVRXUFHV
0DQDJHPHQWDQGDUHWKHIROORZLQJDVZHVHHLQWKHIROORZLQJ7DEOH
7KH+XPDQ5HVRXUFHV0DQDJHPHQW¶¶H[DPLQHȢIJKHSRVVLELOLW\RIWKHWHDFKLQJVWDIIWRGHYHORSWKHLUNQRZOHGJH
DQGVNLOOVLQGLYLGXDOO\DVZHOODVRQDWHDPOHYHOLQRUGHUWRUHVSRQGWKHPRVWWRWKHYLVLRQWKHSROLF\DQGVWUDWHJ\RI
WKHHVWDEOLVKPHQWDV ZHOODVWRWKHLUSHUVRQDOQHHGVDQGDPELWLRQVWRSURJUHVVLQWKHLUFDUHHU,WDOVRH[DPLQHVWKH
FRPPXQLFDWLRQ FRRSHUDWLRQ DQG XQGHUVWDQGLQJ RIIHULQJ HTXDO RSSRUWXQLWLHV PHULWRFUDF\ WUDQVSDUHQF\ UHZDUG
PRWLYDWLRQ DQG UHFRJQLWLRQ RI WKH HIIRUWV RI WKH VWDII WKH WUDLQLQJ SURJUDPV DQG HGXFDWLRQDO VHPLQDUV LQ RUGHU WR
LPSURYHWKHVNLOOVRIHGXFDWRUV


 Sofia D. Anastasiadou / Procedia Economics and Finance 33 (2015) 562 – 572 567

7DEOH7KH+XPDQ5HVRXUFHV0DQDJHPHQW


7KH+XPDQ5HVRXUFHV0DQDJHPHQW
7KH+XPDQ  '(0,1* -85$1 &526%<
5HVRXUFHV '$7KHKXPDQUHVRXUFHVPDQDJHPHQWGHWHUPLQHVWKH 9  9  9 
0DQDJHPHQW FXUUHQWDQGIXWXUHQHHGVRIWKHVWDIIUHJDUGLQJWKHLU
NQRZOHGJHDELOLWLHVDQGVNLOOV
 '$7UDLQLQJSURJUDPVDUHGHYHORSHGE\WKHKXPDQ 9  9  9 
UHVRXUFHVDGPLQLVWUDWLRQWRLPSURYHNQRZOHGJHDELOLWLHVDQG
VNLOOVRIWKHWHDFKLQJVWDII
'$ $FWLYLWLHV ZKLFK VXSSRUW WKH GHGLFDWLRQ DQG 9  9  9 
LQYROYHPHQWRIVWDIILQLPSURYHPHQWDFWLRQVDUHSURPRWHGE\
WKHDGPLQLVWUDWLRQRIKXPDQUHVRXUFHV
'$7HDFKHUVDUHHQFRXUDJHGE\WKHKXPDQUHVRXUFHV 9  9  9 
DGPLQLVWUDWLRQWRWDNHLQLWLDWLYHDQGSHUIRUPDFWLRQVRI
LPSURYHPHQW
'$+XPDQ5HVRXUFHV0DQDJHPHQWFUHDWHVFRPPXQLFDWLRQ 9  9  9 
FKDQQHOVVXLWDEOHIRUH[FKDQJLQJWKHEHVWSUDFWLFHV
NQRZOHGJHDQGH[SHULHQFH
'$(IIRUWVDLPLQJDWLPSURYLQJTXDOLW\HLWKHULQDQ 9  9  9 
LQGLYLGXDORUWHDPOHYHODUHUHFRJQL]HG
'$6RFLDOEHQHILWVDQGLPSURYHPHQWRIVHUYLFHDQG 9  9  9 
IDFLOLWLHVIRUWKHVWDIIDUHHVWDEOLVKHGE\WKH+XPDQ5HVRXUFHV
0DQDJHPHQW
'$$FWLYHSDUWLFLSDWLRQRISHUVRQQHOLQDFWLRQVUHJDUGLQJ 9  9  9 
KHDOWKVHFXULW\WKHHQYLURQPHQWDQGVRFLDODQGPRUDO
UHVSRQVLELOLWLHVLVHQFRXUDJHGE\WKH+XPDQ5HVRXUFHV
0DQDJHPHQW


7KHIRXUWKIDFWRU³&RRSHUDWLRQDQG5HVRXUFHV¶¶

7KH IRXUWK IDFWRU LV FRPSRVHG RI  TXHVWLRQV ZKLFK IRUP WKH &DWHJRU\ &RRSHUDWLRQ DQG 6RXUFHV DQG DUH
SUHVHQWHGLQ7DEOHWKDWIROORZV
7KHSURYLVLRQRIJRRGVDQGHIILFLHQF\VWDQGVDVWKHHVVHQWLDOIDFWRUIRUVXFFHVVDQGDFWVGHFLVLYHO\WRZDUGVWKH
LPSOHPHQWDWLRQ RI WKH YLVLRQ DQG WKH SROLF\ DQG VWUDWHJ\ RI WKH LQVWLWXWLRQ 7KLV IDFWRU DOVR GHDOV ZLWK WKH ULJKW
FKRLFH RI VWUDWHJ\ WKH ULJKW ILQDQFLDO SODQQLQJ WKH ULJKW FROODERUDWRUV DV IDU DV VXSSOLHUV DUH FRQFHUQHG WKH ULJKW
LQYHVWPHQWLQHTXLSPHQWPDFKLQHU\EXLOGLQJVPDWHULDOVQDWXUDOUHVRXUFHVXWLOL]DWLRQHVSHFLDOO\RIHQHUJ\UHVSHFW
RIWKHHQYLURQPHQWDQGWKHXVHRIHQYLURQPHQWDOO\IULHQGO\WHFKQRORJLFDODFKLHYHPHQWVZLWKWKHJRDORIGHYHORSLQJ
LQQRYDWLRQDQGDFKLHYLQJH[FHOOHQFHDQGPLQLPL]LQJWKHHIIHFWVWRWKHHQYLURQPHQW

7DEOH&RRSHUDWLRQDQG5HVRXUFHV

&RRSHUDWLRQ &RRSHUDWLRQDQGUHVRXUFHV '(0,1* -285$1 &526%<

6<13DUWQHUVKLSVDUHVHWXSZLWKVXSSOLHUVWRFUHDWHYDOXHVDQGPXWXDO 9 9 ;
DQGUHVRXUFHV 
EHQHILWV

6<1$JUHHPHQWVDUHFRQFOXGHGZKLFKJXDUDQWHHWKHH[FKDQJHRINQRZOHGJH 9 9 ;

DQGH[SHULHQFHZLWKWKHVXSSOLHUV

6<13URSHULQYHVWPHQWVDUHDWWUDFWHGWRGHYHORSSROLF\DQGVWUDWHJ\RIWKH 9 9 9
 
LQVWLWXWLRQDVZHOODVLWVFRQWLQXDOLPSURYHPHQW

6<17KHULJKWKDQGOLQJRILQYHQWRULHVPDWHULDOVDQGHQHUJ\ 9 9 9
 
6<17KHUHLVDGHWHUPLQDWLRQDQGHYDOXDWLRQRIWKHHIIHFWRIQHZ 9 9 9
 
WHFKQRORJLHVWRWKHLQVWLWXWLRQ
568 Sofia D. Anastasiadou / Procedia Economics and Finance 33 (2015) 562 – 572

6<10HFKDQLVPVDUHXVHGIRUWKHFROOHFWLRQDQGKDQGOLQJRIGDWDVXSSRUWLQJ 9 9 ;

WKHSROLF\DQGVWUDWHJ\RIWKHLQVWLWXWLRQ

6<10HFKDQLVPVDUHRSHUDWHGDLPLQJDWGHWHUPLQLQJWKHQHHGVRIWKH 9 9 ;

SDUWLFLSDQWVWREHLQIRUPHG

6<1,QIRUPDWLRQLVXWLOL]HGWRFRQVWDQWO\LPSURYHWKHPDQDJHPHQWDQG 9 9 9
 
VHUYLFHV\VWHP

7KHILIWKIDFWRU³3URFHGXUHV´

³3URFHGXUHV´ DUH GLYLGHG LQWR (GXFDWLRQDO 3URFHGXUHV 5HVHDUFK 3URFHGXUHV DQG $GPLQLVWUDWLYH 3URFHGXUHV
7DEOH  7KH FULWHULRQ ³3URFHGXUHV´ KROGV D FHQWUDO SRVLWLRQ LQ WKH FRQGLWLRQV DQG WKH UHVXOWV ,W LV D FUXFLDO
FULWHULRQ EHFDXVH LW FDQ LQIOXHQFH GHFLVLYHO\ WKH ZHOOEHLQJ DQG WKH VXFFHVV RI WKH LQVWLWXWLRQ LQ D FRPSHWLWLYH
HQYLURQPHQW ,W HYDOXDWHV WKH VWUHQJWKV DQG ZHDNQHVVHV RI HDFK SURFHVV 7KH PRVW HIIHFWLYH SURFHVVHV WKDW ZLOO
FRQWULEXWHWRDFKLHYLQJWKHPLVVLRQRIWKHFRPSDQ\RURUJDQL]DWLRQDQGLQWKHLUIXWXUHLPSURYHPHQWDQGWKHEHQHILWV
DUHUHFRJQL]HGTXDQWLILHGDQGFRPSDUHG0RUHRYHUE\DVVHVVLQJWKHSURFHVVHVWKHEDVLFSDUDPHWHUVDQGVHOHFWHG
SROLFLHVDUHFRPSDUHGLQRUGHUIRUDGHFLVLRQWREHWDNHQZKHWKHUWKH\DUHDSSURSULDWHDQGEHQHILFLDOIRUWKHIXWXUH
VXFFHVV

7DEOH3URFHGXUHV

3URFHGXUHV
3URFHGXUHV (GXFDWLRQDO3URFHVVHV '(0,1* -85$1 &526%<
('7KH(GXFDWLRQDODFWLYLW\UHVSRQGVWRWKHQHHGVDQG 9  9  9 
H[SHFWDWLRQVRIWKHVWXGHQWV
('7KH(GXFDWLRQDODFWLYLW\UHVSRQGVWRWKHQHHGVDQG 9  9  9 
H[SHFWDWLRQVRIWKHLQVWLWXWLRQVVFKRROV
('7KH(GXFDWLRQDODFWLYLW\UHVSRQGVWRWKHQHHGVDQG 9  9  9 
H[SHFWDWLRQVRIVRFLHW\
5HVHDUFK3URFHVVHV
(57KHUHVHDUFKSURFHVVUHVSRQGVWRWKHQHHGVDQG 9  9  9 
H[SHFWDWLRQVRIWKHVWXGHQWV
(57KHUHVHDUFKSURFHVVUHVSRQGVWRWKHQHHGVDQG 9  9  ;
H[SHFWDWLRQVRIWKHLQVWLWXWLRQVVFKRROV
(57KHUHVHDUFKSURFHVVUHVSRQGVWRWKHQHHGVDQG 9  9  9 
H[SHFWDWLRQVRIVRFLHW\
(57KHUHVHDUFKSURFHVVUHVSRQGVWRWKHQHHGVDQG   
H[SHFWDWLRQVRIVRFLHW\
$GPLQLVWUDWLYH3URFHGXUHV
'(7KHUHLVSULQWHGPDWHULDOWRVXSSRUWWKHSURFHGXUHV 9  9  9 
VFRSHLQWHJUDWHGDFWLRQVUHOLDELOLW\HWF
'(5HVSRQVLELOLWLHVDUHGHOHJDWHGWRSHULRGLFDOO\LQVSHFW   
DQGUHHYDOXDWHWKHSURFHGXUHV
'(7KHLQIRUPDWLRQFROOHFWHGUHJDUGLQJWKHGHPDQGVDQG 9  9  9 
VXJJHVWLRQVRIWKHSDUWLFLSDQWVLVXVHGDIWHUZDUGVWR
XSJUDGHWKHSURFHGXUHV
'(&UHDWLYLW\DQGLQQRYDWLRQDUHDSSOLHGDLPLQJDW 9  9  9 
GHYHORSLQJQHZSURFHGXUHVDQGVHUYLFHV
'(3URFHGXUHVDUHFUHDWHGLQRUGHUWRHQVXUHDGHTXDWH 9  9  9 
VHUYLFHRIIHUHGWRWKHSDUWLFLSDQWV
'(3DUWLFXODUVHUYLFHVDUHGHYHORSHGWRVXSSRUWSHRSOH 9  9  9 
DQGVWXGHQWV


 Sofia D. Anastasiadou / Procedia Economics and Finance 33 (2015) 562 – 572 569

7KHFRPPRQSRLQWVRI'HPLQJ-XUDQ&URVE\WKHRULHVUHODWLYHWR()40

:HREVHUYHWKDWWKHFRPPRQSRLQWVRQDSSURDFKHVRI'HPLQJ-XUDQDQG&URVE\ZKLFKDUHQHFHVVDU\ERWKWR
GHVLJQ DQG RSHUDWH HIILFLHQWO\ DV WR HQVXUH FRQWLQXRXV LPSURYHPHQW DQG DFKLHYH FXVWRPHU VDWLVIDFWLRQ )RU WKH
VXFFHVVIXOLPSOHPHQWDWLRQRIHYHU\SKLORVRSK\UHTXLUHVFRQVLVWHQWDQGVXVWDLQHGLPSOHPHQWDWLRQRIWKHSKLORVRSK\
DQG RI FRXUVH WKH DFWLYH SDUWLFLSDWLRQ RI DOO KXPDQ UHVRXUFHV PDQDJHPHQW KDV WKH SULPDU\ UHVSRQVLELOLW\ IRU WKH
YLVLRQ PLVVLRQ DQG WKH LPSOHPHQWDWLRQ RI SURFHGXUHV DQG VWDII RYHUDOO ,Q DGGLWLRQ VLPLODULWLHV LQ WKH WKUHH
DSSURDFKHV RI 'HPLQJ -XUDQ DQG &URVE\ DFFRUGLQJ WR 6XDUH]  DUH DV IROORZV 4XDOLW\ LV DFKLHYHG E\
DGRSWLQJ D VFKHPH IRU TXDOLW\ WKURXJK FRQWLQXRXV LPSURYHPHQW E\ UHSHDWLQJ WKH VWHSV OHDGLQJ WR LW WKXV
DGPLQLVWUDWLYHVXSSRUWDQGFRPPLWPHQWLVQHFHVVDU\(GXFDWLRQDQGWUDLQLQJVKRXOGEHFRQWLQXRXVDQGLPSOHPHQWHG
SURJUDPV VKRXOG EH HYDOXDWHG LQ RUGHU WR LPSURYH WKH LQVWLWXWLRQ RU EXVLQHVV 7KH DWWHQWLRQ VKRXOG EH SDLG WR
WHDFKHUV¶FRQWLQXRXVWUDLQLQJDQGH[HFXWLYHPDQDJHPHQWLQRUGHUWREXLOGH[SHUWLVHVWDIINQRZOHGJH
0RVW SUREOHPV UHODWHG WR TXDOLW\ FDQ EH DWWULEXWHG WR SROLF\ RU DGPLQLVWUDWLRQ DFWLRQ WKXV DOO HPSOR\HHV DQG
WHDFKHUVVKRXOGEHDZDUHRIWKHRUJDQL]DWLRQ
VPLVVLRQDQGHIIRUWVRIWKHDGPLQLVWUDWLRQVKRXOGOHDGWRWKHUHDOL]DWLRQ
RIWKLVPLVVLRQ
7KH 0DQDJHPHQW KDV PDLQO\ WKH UHVSRQVLELOLW\ IRU FUHDWLQJ FXOWXUHRULHQWHG FRPPLWPHQW WR TXDOLW\ (IIHFWLYH
FRPPXQLFDWLRQDQGWUHDWPHQWDWDOOOHYHOVLVHVVHQWLDO7KHH[LVWHQFHRIFKDQQHOVRIFRPPXQLFDWLRQDWDOOOHYHOVRI
WKH RUJDQL]DWLRQ LV YHU\ HVVHQWLDO 'HYHORSPHQW RI SHRSOH YLUWXHV OLNH VROLGDULW\ FRRSHUDWLRQ WHDPZRUN VHQVH RI
SULGH
7KH PDMRULW\ RI TXDOLW\ SUREOHPV DUH FDXVHG E\ LQFRUUHFW DFWLRQV RI WKH DGPLQLVWUDWLRQ 7KHUHIRUH LPSURYLQJ
TXDOLW\VKRXOGEHFRQGLWLRQDORQWKHSDUWLFLSDWLRQRIWKHDGPLQLVWUDWLRQ7KHWHUPTXDOLW\LPSURYHPHQWZLOOUHVXOWWR
WKHSUHYHQWLRQRISUREOHPV7KHSXUVXLWRITXDOLW\VKRXOGEHDFRQWLQXRXVHIIRUW
,PSOHPHQWDWLRQ FDQ EH GRQH LQ DQ\ RUJDQL]DWLRQ)RFXV RQ PHHWLQJ WKH QHHGV RI VWXGHQWV¶ H[SHFWDWLRQV
0HDVXUHPHQWVDUHFULWLFDO7KHLPSURYHPHQWVDUHQRWDGGUHVVHGIURPWKHSHUVSHFWLYHRIHQGSURGXFWV
)RFXV RQ VXSSOLHU TXDOLW\ LVVXHV 6XSSOLHUV PXVW SDUWLFLSDWH LQ WKH HIIRUW WR XSJUDGH WKH TXDOLW\ 7KHUH DUH QR
VKRUWFXWVWRTXDOLW\0DQDJHUVPXVWSURYLGHZRUNHUVZLWKWKHPHDQVWRGRDJRRGMRE
,W VKRXOG EH QRWHG WKDW WKH SKLORVRSK\ RI &URVE\ DUH VLPLODU WR 'HPLQJ LQ WHUPV EDVHG RQ WKH H[FOXVLYH
UHVSRQVLELOLW\RIPDQDJHUVIRUJRRGRUEDGSURGXFWTXDOLW\-XUDQDUJXHGWKDWWKHUHVSRQVLELOLW\IRUWKH³ORZTXDOLW\´
OLHVPDLQO\LQ0DQDJHPHQW6WHSKDQDWRV

5HVXOWV

7KLVSDSHUH[DPLQHV6HFRQGDU\(GXFDWLRQWHDFKHUV¶YLHZVDFFRUGLQJWR'HPLQJ-XUDQDQG&URVE\LQOLJKWRI
WKH()40FULWHULDKLJKOLJKWLQJWKXVWKHGLPHQVLRQVRIWKH*UHHNHGXFDWLRQDOUHDOLW\
7KHUROHRIOHDGHUVKLSLVQHJDWLYHO\LQIOXHQFHGE\WKHODFNRIYLVLRQYDOXHVDQGZRUNHWKLFVZKLFKDUHREVHUYHG
ZKHQYDOXHVDUHQRWGHIHQGHGE\OHDGHUVWKHPVHOYHV
7KH IDFW WKDW DOO SDUWLHV LQYROYHG LQ HGXFDWLRQ DUH QRW FRQQHFWHG GXH SRVVLEO\ WR WKH ODFN RU LQDELOLW\ WR
XQGHUVWDQGWKHH[SHFWDWLRQVOHDGVWRIDLOXUHVRUORZSHUIRUPDQFHRIWKHLQVWLWXWLRQ
0RUHRYHU ORZ SHUIRUPDQFH LV HQFRXUDJHG E\ ODFN RI FXOWXUH RI H[FHOOHQFH DQG LQDGHTXDWH RU LPSHUIHFW
UHFRJQLWLRQRIWKHHIIRUWVRIDOOWKHSDUWLHV
7KH ODFN RI HIIHFWLYH VWUDWHJ\ DQG SROLF\ ZKLFK LV GXH WR YDJXH RU HYHQ XQDFKLHYDEOH WDUJHWV WKH ODFN RI
HYDOXDWLRQDQGWKHODFNRIDSSOLFDWLRQRIWKHSULQFLSOHVRITXDOLW\DVVXUDQFHDQGWKHIDFWRIQRQXSGDWLQJROGHURQHV
WKHODFNRISDUWLFLSDWLRQRIWKHSDUWLHVQRWRQO\LQDQLQGLYLGXDOEXWDOVRLQDWHDPOHYHORUWKHXQLODWHUDOSDUWLFLSDWLRQ
FRQVWLWXWHLQKLELWRU\IDFWRUVDQGKLQGHUWKHVXFFHVVIXOFRXUVHRIWKHLQVWLWXWLRQ
7KHKXPDQUHVRXUFHPDQDJHPHQWLVWKHNH\IDFWRUIRUWKHVXFFHVVRIWKHLQVWLWXWLRQ:KHUHDVEDGKXPDQUHVRXUFH
PDQDJHPHQW WKH LQH[LVWHQFH RI FRQWLQXLQJ WUDLQLQJ DQG LPSURYHPHQW ZLWK WUDLQLQJ SURJUDPV WKH LQDELOLW\ IRU
SURIHVVLRQDO GHYHORSPHQW DQG FDUHHU WKH SURPRWLRQ RI WKH OHVV DEOH FURQ\LVP LQWUDQVSDUHQF\ FRPSHWLWLYHQHVV
DPRQJ WKH VWDII OHDG WKH SDUWLHV LQYROYHG QRW WR PDNH WKH PRVW HIIRUW DQG QRW WR WDNH WKH LQLWLDWLYH WR SURPRWH
H[FHOOHQFHDQGDFFRUGLQJO\KLJKTXDOLW\RIWKHLQVWLWXWLRQ
7KHIDFWRURIFRRSHUDWLRQDQGVRXUFHVLVHTXDOO\GHFLVLYHIRUTXDOLW\DVVXUDQFH7KHODFNRIHIILFLHQWO\KDQGOLQJ
570 Sofia D. Anastasiadou / Procedia Economics and Finance 33 (2015) 562 – 572

UHVRXUFHVUHVXOWVLQODFNRIUHVSHFWIRUWKHHQYLURQPHQWDQGZDVWHRIYDOXDEOHHQHUJ\OHDGLQJWRODFNRIUHVRXUFHV
2QWKHRWKHUKDQGWKHODFNRIHIILFLHQWFRRSHUDWLRQERWKRIWKHOHDGHUVKLSZLWKWKHVWDIIDQGZLWKWKHWHDFKHUVDQG
VWXGHQWV KLQGHUV HYHU\ HIIRUW IRU GHYHORSPHQW OHDGV WR ODFN RI LQYHVWPHQWV DQG LQFRPSOHWH XWLOL]DWLRQ RI WKH
SRVVLELOLWLHVRIWHFKQRORJ\DQGNQRZKRZ
7KH GHYHORSPHQW RI TXDOLW\ DVVXUDQFH SURFHGXUHV DUH RI H[WUHPH LPSRUWDQFH 7KH ODFN RI H[FHOOHQFH WRJHWKHU
ZLWKWKHODFNRIWUDLQLQJDQGWKHUHIRUHWKHLQDELOLW\RIWKHKXPDQUHVRXUFHVWRGHYHORSWKHLUDELOLWLHVDQGVNLOOVOHDG
WRWKHDEVHQFHRIGHOHJDWLQJUHVSRQVLELOLWLHVDQGKLQGHUHYHU\HIIRUWRIFRQVWDQWLPSURYHPHQWDQGUHVXOWLQSRRUO\
PHHWLQJWKHQHHGVDQGH[SHFWDWLRQVRIVWXGHQWVSDUHQWVWHDFKHUVDQGVRFLHW\
7KHUHSUHVHQWDWLRQRIWKHDERYHGDWDLVFDUULHGRXWLQWKHOHYHOFDXVH±HIIHFWGLDJUDPEDVHGRQWKHFULWHULDRQ
ZKLFK WKH ()40 PRGHO LV IRXQGHG 0RUH VSHFLILFDOO\ WKH ,VKLNDZD GLDJUDP GHSLFWV DOO WKH IDFWRUV RU WKH FDXVHV
LQIOXHQFLQJHYHU\FDWHJRU\VHSDUDWHO\DQGZKLFKFDXVHORZSHUIRUPDQFHRIWKH6HFRQGDU\VFKRROXQLW)LJXUH


 3URFHGXUHV
&RRSHUDWLRQDQG5HVRXUFHV

 ,QVXIILFLHQWWUDLQLQJHGXFDWLRQ

 /DFNRIUHVSHFWIRUWKHHQYLURQPHQW /DFNRIGHYHORSPHQWDQGLQYHVWPHQW

 ([FHOOHQFHDEVHQFH
$EVHQFHRIHIIHFWLYH $EVHQFHRIHIIHFWLYH
 UHVRXUFHPDQDJHPHQW FRRSHUDWLRQ 1RFRPSOHWHFDSDFLW\EXLOGLQJ

 :DVWHGHQHUJ\ODFNRI ,QFRPSOHWHVWXGHQWV
8QDEOHGLVWULEXWLQJSRZHUV
SDUHQWVFRYHUDJHQHHGV
 UHVRXUFHV 'RQRWXVHWHFKQRORJ\
$EVHQFHRIOHDGHUVWHDFKHUVVWXGHQWV¶ /DFNRI

FRPPXQLFDWLRQ 5HVHDUFKQHHGV DGPLQLVWUDWLYH
 $EVHQFHRIHIIHFWLYHFRPPXQLFDWLRQV XQGHUVWDQGLQJ¶DEVHQFH SURFHGXUHV
 $EVHQFHRIOHDGHUVVWDIIVXSSOLHV ,QFRPSOHWHFRYHUDJHVRFLHW\UHVHDUFKQHHGV
8QDEOHWRFRQWLQXRXV /RZ
LPSURYHPHQW
 FRPPXQLFDWLRQ 2UJDQL]D
$EVHQFHRIVWUDWHJLF $EVHQFHRI740SULQFLSDOV WLRQ
 /DFNRILQQRYDWLYHDFWLRQV SODQV 3HUIRUP
 $EVHQFHRIDQHIIHFWLYH
(YDOXDW
$EVHQFHRIFDUULHURSSRUWXQLWLHV DQFH
VWUDWHJ\
/DFNRIYLVLRQ LRQ
$EVHQFHRI
YDOXHVHWKLFV $EVHQFHRI )X]]\DQGXQDWWDLQDEOHJRDOV DEVHQFH
(GXFDWLRQ 
LPSURYLQJ 6WDII
 DFWLRQV
8SGDWH$EVHQFH 3URJUDPV
FRPSHWLWLYHQHVV
 :HDNQHVV
9DOXHVDGYRFDF\
$EVHQFHFXOWXUHRI /DFNRIFRPPXQLFDWLRQ
/DFNRI H[FHOOHQFH /DFNRIORQJOLIH
DVVRFLDWLRQRIDOO HGXFDWLRQ &URQ\LVP
SDUWLHV LW
 /DFNRI
1RQLGHQWLILFDWLRQHIIRUWV SDUWLFLSDWLRQ
 ,QLWLDWLYHVDQG
([SHFWDWLRQVDQG

QHHGV¶'LIILFXOW\
8QLODWHUDOLQYROYHPHQW FRPPXQLFDWLRQ
DEVHQFH

XQGHUVWDQGLQJ
/HDGHUVKLS 3ROLF\  +XPDQ
 6WUDWHJ\ 5HVRXUFHV

)LJXUHOHYHOFDXVH±HIIHFWGLDJUDP
&RQFOXVLRQV
 Sofia D. Anastasiadou / Procedia Economics and Finance 33 (2015) 562 – 572 571


7KH SUHVHQW VWXG\ WULHG WR DVVHVV ()40 PRGHO ZKLFK FRPSULVHV ILYH ³HQDEOHU´ FULWHULD QDPHG /HDGHUVKLS
3ROLF\DQG6WUDWHJ\+XPDQ5HVRXUFHV0DQDJHPHQW&RRSHUDWLRQDQG5HVRXUFHVDQG3URFHGXUHV,QDGGLWLRQWKHUH
ZDVDQDWWHPSWWRFDSWXUHLQGHSWKWKHUHODWLRQVKLSVDPRQJWKHILYH³HQDEOHU´FULWHULD
$V D UHVXOW WKH )LVKERQH ,VKLNDZD 'LDJUDP YHU\ ZHOO NQRZQ DV &DXVH±DQG±(IIHFW 'LDJUDP FODULILHV DOO WKH
IDFWRUV RU FDXVHV WKDW DIIHFW HDFK FDWHJRU\ VHSDUDWHO\ FDXVLQJ D SRRU SHUIRUPDQFH RI WKH 6HFRQGDU\ VFKRRO XQLW
,GHQWLI\LQJ WKH URRW FDXVHV LV HVVHQWLDO EHFDXVH RQO\ WKHQ VFKRRO OHDGHUV LQVWUXFWRUV WHDFKHUV ZLOO EH DEOH WR
XQGHUVWDQGWKHVLWXDWLRQLQGHSWKDQGSURSRVHDFWLRQVWRGLPLQLVKDVPDQ\RIWKRVHFDXVHVDVSRVVLEOH
/HDGHUVKLSVKRXOGGHYHORSDYLVLRQIRUDQHIILFLHQWHGXFDWLRQWKDWPHHWVWKHQHHGVRIDOOSDUWVRIWKHLQVWLWXWLRQ
DQGSXWWKHEDVLVRIDFXOWXUHRIH[FHOOHQFH)XUWKHUPRUHLWLVRIDPDMRULPSRUWDQFHDOOSDUWLHVLQYROYHGLQHGXFDWLRQ
WR FROODERUDWH VHHNLQJ IRU WKH KLJKHVW SHUIRUPDQFH RI WKH LQVWLWXWLRQ &RPPXQLFDWLRQ FRRSHUDWLRQ DQG
XQGHUVWDQGLQJRIWKHVWDIIHTXDORSSRUWXQLWLHVPHULWRFUDF\WUDQVSDUHQF\UHZDUGPRWLYDWLRQDQGUHFRJQLWLRQRIWKH
HIIRUWVRIWKH VWDIIWKHWUDLQLQJSURJUDPVDQGHGXFDWLRQDO VHPLQDUVLQRUGHUWRLPSURYHWKHVNLOOVRIHGXFDWRUVDUH
LPSRUWDQW HOHPHQWV WKDW FRXOG SURPRWH H[FHOOHQFH DQG WKXV WKH SRVVLELOLW\ RI KLJK SHUIRUPDQFH RI WKH LQVWLWXWLRQ
FRXOG EH PD[LPL]HG ,Q WKLV UHVSHFW WKH SULQFLSDO LPSOLFDWLRQ LV WKDW VHULRXV DWWHQWLRQ LV QHHGHG WR EH SDLG WR WKH
YLVLRQDQGDFWLRQVRIHGXFDWLRQOHDGHUVKLS



5HIHUHQFHV

$QDVWDVLDGRX6 =LULQRJORX3D5HOLDELOLW\WHVWLQJRI()40VFDOH7KHFDVHRI*UHHNVHFRQGDU\WHDFKHUV
3URFHGLD6RFLDODQG%HKDYLRUDO6FLHQFHV±

$QDVWDVLDGRX 6  =LULQRJORX 3  ()40 GLPHQVLRQV LQ *UHHN 3ULPDU\ (GXFDWLRQ 6\VWHP 3URFHGLD
(FRQRPLFVDQG)LQDQFH8QGHUSXEOLFDWLRQ 
$QDVWDVLDGRX6=LULQRJORX3 )ORURX*E7KH(XURSHDQ)RXQGDWLRQ4XDOLW\0DQDJHPHQWHYDOXDWLRQRI
*UHHN3ULPDU\DQG6HFRQGDU\(GXFDWLRQ3URFHGLD6RFLDODQG%HKDYLRUDO6FLHQFHV±
%HQGHOO73HQVRQ5 &DUU67KHTXDOLW\JXUXVWKHLUDSSURDFKHVGHVFULEHGDQGFRQVLGHUHG0DQDJLQJ
6HUYLFH4XDOLW\
%ODQDV*7RWDO4XDOLW\1HWZRUNLQJ$WKHQV3DWDNLV
&DOYR0RUD$/HDO$ 5ROGDQ-8VLQJHQDEOHUVRIWKH()40PRGHOWRPDQDJHLQVWLWXWLRQVRIKLJKHU
HGXFDWLRQ4XDOLW\$VVXUDQFHLQ(GXFDWLRQ
&DPSDWHOOL * &LWWLE 3  0HQHJKLQ $  'HYHORSPHQW RI D VLPSOLILHG DSSURDFK EDVHG RQ WKH ()40
PRGHO DQG 6L[ 6LJPD IRU WKH LPSOHPHQWDWLRQ RI 740 SULQFLSOHV LQ D XQLYHUVLW\ DGPLQLVWUDWLRQ 7RWDO 4XDOLW\
0DQDJHPHQW
&URVE\34XDOLW\ZLWKRXW7HDUV1HZ<RUN0F*UDZ+LOO
'HUYLWVLRWLVȀ7RWDO4XDOLW\0DQDJHPHQW$WKHQV1RPLNL%OLEOLRWKLNL
'HPLQJ:(2XWRIWKH&ULVLV&DPEULGJH0,73UHVV
+LGHV07'DYLHV- -DFNVRQ6,PSOHPHQWDWLRQRI()40H[FHOOHQFHPRGHOVHOIDVVHVVPHQWLQWKH
8.KLJKHUHGXFDWLRQVHFWRUOHVVRQVOHDUQHGIURPRWKHUVHFWRUV7KH7400DJD]LQH
-XUDQ - 0  0RWLYDWLRQ ,Q - 0 -XUDQ (G 4XDOLW\ &RQWURO +DQGERRN UG HG SS   86$
0F*UDZ+LOO-XUDQ-0
-XUDQRQ3ODQQLQJIRU4XDOLW\1HZ<RUN7KH)UHH3UHVV
-XUDQ-0-XUDQRQTXDOLW\E\GHVLJQWKHQHZVWHSVIRUSODQQLQJTXDOLW\ LQWRJRRGVDQGVHUYLFHV1HZ
<RUN7KH)UHH3UHVV
-XUDQ-0 *U\QD)04XDOLW\SODQQLQJDQGDQDO\VLV6LQJDSRUH0F*UDZ+LOO
0DUWLQ&DVWLOOD - ,  3RVVLEOH (WKLFDO ,PSOLFDWLRQV LQ WKH 'HSOR\PHQW RI WKH ()40 ([FHOOHQFH 0RGHO
-RXUQDORI%XVLQHVV(WKLFV
0F$GDP5 %DQQLVWHU$%XVLQHVVSHUIRUPDQFHPHDVXUHPHQWDQGFKDQJHPDQDJHPHQWZLWKLQD740
IUDPHZRUN,QWHUQDWLRQDOMRXUQDORIRSHUDWLRQVDQGSURGXFWLRQPDQDJHPHQW
3HWHUVHQ 3 %  7RWDO TXDOLW\ PDQDJHPHQW DQG WKH 'HPLQJ DSSURDFK WR TXDOLW\ PDQDJHPHQW -RXUQDO RI
0DQDJHPHQW+LVWRU\$UFKLYH
6WHIDQDWRV67RWDO4XDOLW\HG($3*UHHFH
572 Sofia D. Anastasiadou / Procedia Economics and Finance 33 (2015) 562 – 572

6XDUH]-*7KUHH([SHUWVRQ4XDOLW\0DQDJHPHQW3KLOLS%&URVE\:(GZDUGV'HPLQJDQG-RVHSK0

-XUDQ74/23XEOLFDWLRQ12$XJXVW:DVKLQJWRQ'&2IILFHRIWKH8QGHU6HFUHWDU\RIWKH
1DY\7RWDO4XDOLW\/HDGHUVKLS2IILFH