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The unprecedented economic crisis in Greece deeply affected entrepreneurship, which was traditionally characterised by low levels of innovation and competitiveness, the dominant presence of micro-sized enterprises and the weak signs of prosperity in large firms. This paper, in acknowledgement of the necessary transformations that production incurred due to the crisis, attempts to detect the characteristics of large manufacturing firms that contributed to their greater resilience during the unstable period of 2011–2016 by analysing the determinants of the higher profitability of firms. The analysis shows that firms that improved their productivity and sales levels and in parallel are flexible, in the sense that they have limited amounts of both assets and liabilities and thus a small risk, are those that presented higher profits during the period under study. Initial conditions, sectoral characteristics and the broader national environment do not seem to have a strong contributive role in firms' profitability.,The analysis follows a dynamic system generalised method of moments (GMM) estimation based on a panel data set of 125 Greek large firms over the time span 2011–2016.,The analysis shows that firms that improve their productivity and sales levels and in parallel are flexible, in the sense that they have a limited amount of both assets and liabilities and thus a small risk, are those that present higher profits during the period under study. Initial conditions, sectoral characteristics and the broader national environment do not seem to have a strong contributive role in firms' profitability.,The present paper attempts to explain the performance of the most dynamic large manufacturing firms in Greece by investigating the role of some of the most important determinants of firm profitability (according to data availability), acknowledging, however, some analysis' limitations as the absence of some other parameters like the export activity or the incorporation of any innovative features in the firms,The novelty of this paper lies in two points. First, the subject of the analysis is the large firms in Greece, which have not received much attention as Greek entrepreneurship was traditionally based on the light, labour- or resource-intensive production and the main bulk of the literature was not on that topic. Second, during the deep and protracted crisis that Greece has experienced, several production transformations have taken place that remain partly undiscovered. The present paper attempts to analyse the characteristics of large firms that drove their profitability and improved their resilience during the crucial time period 2011–16.,在希臘出現的史無前例的經濟危機深深地影響了該國的創業能力，而希臘的創業能力有其傳統特徵：低水平的創新與競爭力、微型企業佔主導地位和大企業呈現微弱的繁榮跡象。本文在承認這經濟危機導致生產必須轉型的前提下，研究那些於2011年至2016年這不穩定期間營運的大型製造公司，透過分析它們能取得更高利潤的決定因素，以探求是哪些公司特徵使其有更強的抵禦和復原能力。分析顯示，那些改善了生產率和銷售水平的公司，亦同時是靈活變通的公司 （所謂靈活變通，是指公司無論在資產抑或負債方面的數量上都是有限的，因此，它們只需冒小風險），就是那些在本研究涵蓋期間展示獲取更高利潤的公司。初始條件、行業的特徵和更廣泛的國家環境，就公司的盈利能力而言，似乎沒有扮演重要的促進角色。,分析用了廣義動差估計(GMM)這動態系統，基於涵蓋125間希臘大公司、橫跨2011年至2016年期間的面板數據。,分析顯示，那些改善生產率和銷售水平的公司，亦同時是靈活變通的公司 （所謂靈活變通，是指公司無論在資產抑或負債方面的數量上都是有限的，因此，它們只需冒小風險），就是那些在本研究涵蓋期間展示獲取更高利潤的公司。初始條件、行業的特徵和更廣泛的國家環境，就公司的盈利能力而言，似乎沒有扮演重要的促進角色。,本文擬透過探討一些決定公司盈利能力最重要的因素 （根據數據的可獲性），來闡釋在希臘那些最有動力的大型製造公司的績效，但亦同時承認分析有局限之處，那就是，分析沒有涵蓋一些其它決定因素：出口活動和那些公司有否納入任何創新功能。,本文有兩個創新之處：首先，本研究分析的對象是在希臘的大企業，而這個研究對象和課題未曾得到頗多的關注，這是因為希臘的創業能力一向基於勞動密集型或資源密集型的輕工業生產，而過去大部分文獻都不涉及這個課題。另外，當希臘經歷這個巨大且持久的危機時，國內有些仍未普遍察覺的生產轉型出現了。本文擬分析推動大企業於2011年至2016年間這關鍵時刻取得利潤，及改善其抵禦和復原能力的公司特徵。

Under the deep and protracted recession that plagues the Greek regions, exports have shown some positive signs of resilience. This paper explores through a spatial econometric analysis of SUR models, first, the changes that occurred in exports by the (NUTS 3 level) regions for the period 2008–2012 to offer resistance against the crisis and to stimulate growth, which entail expansion of export demand, improvement in the quality of agricultural products, deeper specialization in broad low‐technology sectors and simultaneous increases in the variety inside these sectors and second, the ability of exports to transfer their growth gains to the broader economy. Bajo la profunda y prolongada recesion que azota a las regiones griegas, las exportaciones han mostrado algunos signos positivos de resiliencia. Este articulo emplea un analisis econometrico espacial de modelos SUR para examinar, en primer lugar, los cambios que se produjeron en las exportaciones de regiones NUTS 3 durante el periodo 2008‐2012 para resistir la crisis y estimular el crecimiento, lo que supone la expansion de la demanda de exportacion, la mejora de la calidad de los productos agricolas, una mayor especializacion en sectores amplios de baja tecnologia y el aumento simultaneo de la variedad dentro de estos sectores y, en segundo lugar, la capacidad de las exportaciones para transferir sus beneficios en materia de crecimiento a la economia en general. ギリシャ地域を悩ます深刻かつ長期に及ぶ不景気の中で、輸出にレジリエンスの兆しが認められる。本稿では、SURモデルを用いた空間計量経済的な分析により、はじめに、経済危機に対する抵抗力をつけ成長を促進することになる、2008年~2012年の期間に起きた (NUTS 3 レベルの)地域の輸出の変化を調べる。この変化は、輸出需要の拡大、農産物の品質の改善、幅広いローテクの産業セクターにおけるさらなる特化と、これらセクター内における多様性の増加の同時発生である。次に、輸出が成長の利益をより大きい経済に移す能力を調べる。

Firms are important economic agents in regions, and their survival and prosperity in crisis periods is closely related to the evolution and welfare of the regions in which they are located. This ab...

This chapter sets out to examine empirically the contribution of exports to regional resilience by providing empirical evidence from the Greek regions during the period 2008_2012. Exports have been a core subject in regional analysis and are regarded as one of the main drivers of economic performance of the regions. However, the role of exports during economic recessions has attracted relatively less attention in the literature. This chapter provides empirical evidence from Greece highlighting that exports constitute one of the factors shaping regional resilience during the economic crisis. However, initial conditions, sectoral specialization and adaptation capacity of the regions also play a critical role in influencing export performance and hence the resilience of regions to crisis.

This article studies how spatial heterogeneity (by urban concentration) and economic heterogeneity (by economic dualism), which are being affected by trade integration with the EU, influence the growth of European Neighbourhood Policy countries (ENPs). It is proved that urban concentration is not always related to growth. Furthermore, the eastern and southern areas of the ENPs represent two different cases of heterogeneity. In the eastern ENPs the pattern of heterogeneity seems to generate more benefits for the metropolitan region and the country in comparison with the southern ENPs in which population accumulations do not function as critical foundations of their development process.

The paper explores the spatial dynamics in the European Neighborhood Policy (ENP) countries, in a period of significant transformations in their internal and external economic environment. Regional disparities are reported to be the net outcome of two opposite dynamics: a pro-cyclical pattern, on the one hand, with dynamic and developed regions growing faster in periods of expansion and slower in periods of recession, and a long-term spread effect, on the other, partly offsetting the cumulative impact of growth on space after some critical level of development. In this framework, expanding trade relations with the European Union advanced countries may be an additional source of spatially unbalanced growth and polarization for the ENP countries, as the costs and benefits of integration prove to be unevenly allocated in space. To the extent that growth and integration dynamics tend to polarize the ENP economic space, a set of critical policy questions arise.

In this paper we aim to explore the conditioning effect of structural funds (SF) on regional growth in Greece for the period 1994–2006 by detecting if the ability of regions to convert any financial aid into welfare gains is related to certain region-specific characteristics. The analysis shows that, albeit that important financial aid has been channelled to the less-developed regions, the most advanced regions seem to have benefited more from it. Furthermore, we divide the SF into expenditure categories and conclude that the SF have a positive impact on growth only for those regions in which the regions’ endowments are related to the expenditure received. This interaction of the expenditure categories with the characteristics of the recipient region accentuates the role of the ‘identity’ of each region to the impact of SF on regional growth, thereby signifying valuable policy implications.

Stemming from ecology studies, the interdisciplinary concept of resilience has been gaining significance and notoriety towards the understanding of socioeconomic systems, reverberating the prevailing feelings of uncertainty and insecurity. Emanated from the extent, the depth and the duration of the recent (i.e. erupted in years 2007-8) world-wide financial and economic crisis, the prevalence of such feelings – and thus, the emergence of the concept of resilience – is no surprise. Indeed, the crisis has exposed the highly engaged with globally footloose activities, socioeconomic systems to exogenous disturbances (shocks) and resilience is, precisely, interwoven with the capacity of socioeconomic systems to move through multiple equilibria. Particularly, under such an evolutionary perspective, resilience may point to the capacity of socioeconomic systems, not only to respond successfully to short-term disturbances, but also to sustain long-term development.

This paper examines the degree of business cycle synchronicity among Greek regions and investigates the determinants of the business cycle co-movements of output associated with specific functional and spatial aspects of the integration process among the Greek regions. We analyse nearly 30 years (1980–2008) of data at the NUTSIII level (prefectures). We conclude that the business cycles of prefectures are more synchronized with the NUTSII regional cycle than with the national business cycle revealing a regional (NUTSII) border effect. Moreover, the intensification of the integration process seems to diachronically affect the structural characteristics of the Greek regions and the geography of cyclical synchronization. Our study reveals a two-stage integration process where in the first stage we detect the existence of urbanization economies, while in the second one the existence of localization economies. Furthermore, our study reveals that the metropolitan regions have a low level of business cycle synch...

This paper examines the degree of synchronicity in business cycles in Greek regions associated with specific spatial and economic characteristics that explain, to a large extent, synchronisation dynamics. We conducted an analysis of almost 30 years’ (1980-2008) worth of data at the NUTSIII level (prefectures). We conclude that prefectures are more synchronised with the NUTSII regions than the national level, accentuating a regional (NUTSII) border effect. Moreover, the intensification of the integration process and the free operation of markets seem to diachronically affect the structural characteristics of the Greek regions and the geography of cyclical synchronisation. Our study revealed a two-stage integration in which in the first stage they are detected urbanisation economies, while in the second one localisation economies. The metropolitan region, apart from its prominent position in economic growth, shows a confined level of business synchronisation with the other regions, stressing Greece’s pattern of economic and structural dualism.

This article examines the current status, limits, prospects, and policies of cross-border cooperation in the border zone of Albania, Bulgaria, FYROM (Former Yugoslav Republic of Macedonia), and Greece on the basis of a survey sample of 291 manufacturing firms located near the borders in all four countries. The analysis suggests that border region firms have a higher level of interaction than the respective average national firms in all countries and that trade relations and economic cooperation eventually depend on the level of specialization and the size of the markets. It also suggests that barriers to cooperation are important and can negatively affect the performance of border region firms. Overall, firms are less concerned about the quality of infrastructure and more concerned about the general or the financial conditions prevailing in each country, indicating that the best policy for cross-border cooperation, rather than improvements in infrastructure, may be the development of the economies in the ...

This paper investigates the sources of enterprise learning under transition, using the results of a recent survey conducted in six Central and East European countries. The analysis identifies three possible and interacting ways of enterprise learning: (1) learning by doing; (2) learning from the environment; and (3) learning from networks. Then it examines the spatial variations of the factors affecting learning by contrasting capital regions with western border regions and all sampled firms. The paper concludes that enterprise learning in transition economies is a spatially selective process, as most structural and behavioural factors tend to favour capital regions. Consequently, transition policies have to incorporate certain types of regional policy into their core, as a supplementary and balancing force to market-driven structural and spatial adjustments. A partir d'une enquete recente menee en six pays de l'Europe centrale et orientale, cet article cherche a examiner les origines de l'apprentissage d...

The European Neighborhood Policy (ENP), launched in 2004, is a unified EU policy framework towards the EU neighboring countries (ENP countries). The objective of the ENP is to strengthen the prosperity, stability and security of the (enlarged) EU and the ENP countries, creating a "ring of friends" around the EU. Currently, the ENP consists of two sub-groups; the ENP East (Armenia, Azerbaijan, Belarus, Georgia, Moldova and Ukraine) and the ENP South (Algeria, Egypt, Israel, Jordan, Lebanon, Libya, Morocco, Palestine, Syria and Tunisia). Even though the ENP is distinct from the process of EU enlargement, the ENP countries operate under conditions of "neighborhood Europeanization". This indicates a misfit between ENP demands, on the one hand, and ENP rewards, on the other. Given this misfit - and the concomitant skepticism about the ENP capacity to transfer EU values and rules to the neighboring countries - deep(er) economic (in particular, trade) integration between the EU economy and the ENP countries is considered to be a catalyst for the success of the ENP undertaking. The objective of the paper is to study the geography (i.e. the size, the composition and the direction) of EU-ENP trade, conducting an in-depth empirical analysis as regards the trade flows (i.e. imports and exports) of the EU and the ENP countries. The paper provides comparative empirical evidence concerning paths of trade integration between the EU and the ENP countries. It does so by undertaking a descriptive statistical and graphical analysis of the findings derived from the estimation of a series of trade indicators. The analysis utilizes trade data derived from the UN COMTRADE database. The analysis covers the period 2000-2010. This period has been selected so as to gauge the latest shifts operated in trade structures as a result of the recent economic and political reforms (evolutions) implemented (took place) in the EU economy (i.e. the euro currency, the eastwards enlargement, the on-going financial and economic crisis) and the ENP countries (i.e. the "color" revolutions, the Arab "spring"), besides the ENP in itself. Trade data refer to the national-sectoral (2-digit SITC classification) level. The sectors included in the analysis grossly belong to the primary and the secondary sector of production and may form groups of activities according to the intensity of the production factors used. Providing a clear picture regarding the geography of EU-ENP trade, the paper offers valuable insight to both (economic integration) theory and policy-making.

The present paper provides a comprehensive and consolidated analysis of the business cycle synchronicity between European regions and EU-14. Our study is conducted in three levels. First, we analyse regional business cycle synchronization with the EU-14 benchmark cycle, using real GDP in 200 NUTS II regions for a period of 30 years (1980–2009), detrended by Hodrick–Prescott filter. Secondly, we employ a VAR type methodology as a measurement devise to examine the dynamic relationship of the regional business cycles. Our main interest is to study the dynamics of business cycles as well as the pattern of the transmission mechanism to regions with different level of development. Finally, we empirically extend the research on identifying factors which might drive regional business cycle synchronization. In particular, we analyse the role of trade integration-cum- the sectoral patterns of specialisation as determinants of regional growth cycle correlations with the EU-14. Moreover, we draw attention to regional productivity as another possible determinant of business cycle synchronisation associated with the pattern of the spatial distribution of economic activities across regions. Panel three-stage least-squares estimation is implemented for the simultaneous equations between determinants and regional business cycles synchronisation.

The market-based process of economic integration, although it is perceived to generate higher levels of aggregate efficiency, can possibly be associated with higher levels of inequality. In spatial terms, this is believed to lead to regional imbalances, with less advanced regions possibly experiencing, in the integration process, weaker gains or even net losses, compared to their more advanced counterparts. Such types of argument are in variance with the neoclassical understanding of the operation of the spatial economy and contribute to an ongoing discussion among academics and politicians on the impact of integration on the growth potential of less advanced European Union (EU) regions.

The subject of this paper is the detection of changes in trade patterns and of the factors that determine Horizontal IIT (HIIT) and Vertical IIT (VIIT) in the Western Balkans. The compilation and estimation of an econometric model of IIT enabled the distinguishing of the determinants of the VIIT and HIIT in two categories: those that have a constant influence on both types of IIT exhibiting their fixed and robust dynamism in trade and those whose behaviour is differentiated and is analogous with the characteristics and the technological incorporation of each type of trade relations.

The analysis of concentration patterns at both the national and the regional levels in the European Union (EU) initially reveals contradictory results of concentration and deconcentration trends. However, these industrial concentration trends in the two spatial dimensions are, in essence, complementary, because further analysis indicates that industrial activities continue to move towards the most dynamic countries but not towards the same powerful regions. This outcome is verified by an econometric approach which, by studying the EU-15 and new EU member states, aims to reveal the characteristics of two deviated productive systems and two different levels of maturity. The empirical analysis shows the existence of a non-monotonic relation between concentration and integration. . L’analisi dei modelli di concentrazione nell’unione Europea (UE) rivelano, sia a livello nazionale sia a livello regionale, evidenze empiriche contraddittorie nei trend di concentrazione e deconcentrazione. Queste dinamiche, tuttavia, sembrano essere sostanzialmente complementari dal momento che le attivita produttive continuano a spostarsi verso i paesi piu dinamici ma non verso le stesse regioni dominanti. Questo risultato e verificato tramite un approccio econometrico che, soffermandosi sulla UE15 e sui nuovi stati membri dell’Unione, si propone di individuare le caratteristiche di due distinti sistemi di produzione e due diversi livelli di maturazione. L’analisi empirica mostra l’esistenza di una relazione non monotonica tra concentrazione ed integrazione.