Aristidis P. Bitzenis

• International Entrepreneurship, FDI,Multinationals
• Professor (Full) at University of Macedonia

After the fall of the country’s communist regime, Bulgaria faced great political instability, changing prime ministers eight times between 1990 and 1997. Three economic crises were associated with slow economic growth or even recession as well as high inflation rates that weakened the Bulgarian economy and discouraged inward foreign direct investme...

The domain of Foreign Direct Investments in Southeast Europe (FDISE) has experienced significant expansion, thus offering opportunities for systematic and bibliometric assessments. Nevertheless, there remains a notable gap as no bibliometric investigation has been conducted in this area to date. To address this gap, we used bibliometric analysis to...

Career counseling is a process that helps individuals identify and explore career options, make informed decisions about their future, and develop strategies for choosing a suitable career path. It also helps students enhance their academic experience by providing them with the opportunity to apply the theoretical learning acquired in the classroom...

This chapter reviews the literature on the determinants of activity in the Greek shadow economy and presents estimates of unreported income, undeclared work and tax morale in Greece with data from the Greek Shadow Economy Observatory. It conducts a bibliometric and systematic review of the literature on several aspects of the Greek shadow economy a...

DATA SET ANALYSED IN: A Scientometric Review regarding FDI in SouthEast Europe for the time period of 2005-2024 Dr. Bitzenis Aristidis, Professor Dr. Koutsoupias Nikos, Professor Department of International & European Studies, University of Macedonia, Thessaloniki GREECE Abstract The domain of Foreign Direct Investments in Southeast Europe (FD...

The objective of this study was to examine the fundamental fields of knowledge and forthcoming research directions in Education concerning Business and Economics (EBE) and to examine the spread of EBE and their diverse methodologies in the context of Education. We examined a total of 1246 scholarly articles and 2566 authors in EBE areas, extracted...

Credit rating is a matter of significance for institutions, professionals, and researchers in diverse sectors. Recently, it has garnered increased attention within the scientific community, particularly regarding various banking aspects. Our research employs bibliometric data to explore trends in credit rating. We examined 107 articles from Scopus-...

The association between Business Research and Data Mining Techniques (DM) has grown considerably, providing opportunities for systematic and bibliometric evaluations. Despite this, no bibliometric study has yet been conducted on this subject. To address this gap, we used bibliometric analysis to statistically evaluate published studies and measure...

The Greek economy has been between Scylla and Charybdis during the 2010s, from economic depression to anemic recovery and to recession caused by the pandemic crisis. Although the strong post pandemic recovery has decreased the record-high levels of unemployment, labor market slack is still among the highest levels in the EU. The economic hardships...

This qualitative study aims to study the phenomenon of diaspora direct investments in the Republic of Cyprus during the period 2013–2021, which succeeded the 2013 Financial Crisis. The unit of analysis has been real estate agencies established on the island, as real estate consists the major sector where diaspora investment takes place. A multiple...

The study aims to examine the FDI-growth nexus in EU countries for the period 1996–2018. Empirical literature has suggested ambiguous results regarding the beneficial effects of FDI on host economies. In this study panel ARDL approach is employed using the PMG estimator, as the most suitable for our dataset. DFE and MG estimators are also implement...

Extensive research has been conducted on the link between foreign direct investment and sustainability (FDIS). The earliest known document related to FDIS research in SCOPUS databases dates to 1992, indicating nearly three decades of ongoing research. The objective of this article is to conduct a bibliometric analysis of FDIS academic research from...

Bitzenis , A. , & Makedos , J. ( 2016 ) . The fiscal inventory and its effect on Greece's fiscal credibility ..

Foreign direct investment is considered one of the most favorable sources of private investment as it creates jobs, boosts production capacity, facilitates the access of local businesses to new international markets and thus allows the transfer of technology that can bring positive long-term results. According to the literature, many researchers co...

Considering the significant decrease of investment and GDP in Greece, and the goal of achieving a V-shaped post-COVID-19 recovery, inward FDI could be regarded as a source of productive private investment. This study aims to indicate differences in the factors determining inward FDI in Greece before and after the great crisis and the role of the in...

FDI and Sustainability research from Jan 1,2022 to Jun 30, 2022

FDIS Most relevant sources . ASECU 2023 CONFERENCE PAPER / SEEJE JOURNAL

Proceedings edited by Aristidis Bitzenis and Panagiotis Kontakos. Special thanks to Apostolos Kiohos and Nikos Koutsoupias. © 2021 «Εργαστήριο Διεθνών Σχέσεων και Ευρωπαϊκής Ολοκλήρωσης του Πανεπιστημίου Μακεδονίας» Πανεπιστήμιο Μακεδονίας Οικονομικών και Κοινωνικών Επιστημών, Εγνατία 156, Τ.Κ. 54006, Θεσσαλονίκη. http://www.diethneis-sxeseis.gr...

In the years of the financial and sovereign debt crisis in Greece, many viable businesses that are facing financial difficulties are led to liquidation rather than timely restructuring, with very few entrepreneurs having a second chance. This corporate failure faced by Greek companies in recent years may have been caused by either endogenous or exo...

Greece's slow recovery from the severe economic depression caused by the great global financial and economic crisis that erupted in late 2000s was interrupted by the effects of COVID-19 pandemic on economic activity. This chapter looks into the factors shaping Greece's competitive position and discusses the potential to achieve a V-shaped recovery...

In the aftermath of the devastating economic depression suffered for almost a decade, Modeling Economic Growth in Contemporary Greece assesses the conditions shaping the Greek economy's restart, discussing the effect of institutions on the business environment and highlighting the factors which are critical for achieving sustainable economic growth...

Introduction to the book

The current European financial crisis is a triple threat and the austerity measures that have been pursued to tackle it (at least so far) have led to a fiscal trap that slides into a deflationary vortex which, on the one hand, pushes economies into a recession by increasing the number of the long-term unemployed, and, on the other hand, keeps their...

The attraction of inward FDI in Greece is a critical condition for Greece’s economic recovery due to the prolonged economic crisis and sustained investment hardship. Consequently, this study aims to provide essential implications by examining factors that can influence foreign direct investment decisions. The findings provide new insights regarding...

We employ the quality of governance to study the impact of local institutional context on foreign subsidiaries’ performance. We propose and empirically document that local institutional quality has growth-enhancing effects on subsidiary growth. More specifically, we show that political stability, government effectiveness, regulatory quality, and ru...

Proceedings edited by Aristidis Bitzenis and Panagiotis Kontakos Special thanks to Apostolos Kiohos and Ioannis Papadopoulos © 2019 «Εργαστήριο Διεθνών Σχέσεων και Ευρωπαϊκής Ολοκλήρωσης του Πανεπιστημίου Μακεδονίας» Πανεπιστήμιο Μακεδονίας Οικονομικών και Κοινωνικών Επιστημών, Εγνατία 156, Τ.Κ. 54006, Θεσσαλονίκη. http://idea.uom.gr Τμήμα Διεθν...

This paper aims to investigate the factors discouraging FDI in Greece after the late global economic crisis. A survey is made by the use of a questionnaire for the collection of primary data on the activity of multinationals in Greece. The questionnaires were aimed towards top management personnel of multinationals or their subsidiaries operating i...

In lieu of an introduction, this chapter explores the speed of recovery in the European Union from the late global financial and economic crisis, through key macroeconomic indicators. Although the united Europe endured the crisis, there are several issues which question the current course and outcomes of the European integration project. The book b...

Greece has suffered the worst from the late 2000s global financial crisis. Despite the completion of the economic adjustment program the rate of recovery in Greece is still weak. The liquidity constraints in the Greek economy imply that the investment shock, which will accelerate its recovery rate, will be an outcome of investment inflows by privat...

This book discusses the unprecedented impact of the financial and economic crisis on government finances and economic performance across Europe, which has raised skepticism on the ability of the current course of integration to promote prosperity. Correspondingly, the European Union is about to contract for the first time in its history. This timel...

Although the findings of empirical studies of foreign direct investment (FDI) activity have differences regarding model specifications, there is an agreement on the set of covariates that may be included. This form of consensus has led to the gradual acceptance of a universal model of FDI activity, where the inclusion of covariates may be different...

A report of the International Labour Organization on undeclared work in Greece refers to failures of formal institutions which contribute to the asymmetry between state and civic morality. The particular asymmetry is explored through the context of tax morale, which is one of the major determinants of the shadow economy. Although several papers hav...

In a notable change from the position in the past, the Greek government is committed to greening the economy and has assumed determined policies and actions to boost the utilization of renewable energy. The aim of the paper is, firstly, to present the latest developments of the renewable energy policy in Greece, the current achievements and impedim...

Η αναφορά στο κεφάλαιο αυτό για τις ρίζες της πολυδιάστατης Ελληνικής κρίσης και την σχέση τους με το επίπεδο της διαφθοράς και το μέγεθος της ανεπίσημης οικονομίας στην Ελλάδα, αντλεί και βασίζεται στα συμπεράσματα προγενέστερων μελετών. Το κεφάλαιο διερευνά ποιο κομμάτι της ανεπίσημης οικονομίας και υπό ποιες προϋποθέσεις δύναται να μεταφερθεί στ...

We investigate the effect of economic downturn on the determinants of tax morale in Greece through data collected from a questionnaire survey on tax compliance conducted for the EU RESEARCH PROJECT THALES titled "The Shadow (Black Economy) in Greece: Size, Reasons and Impact". Our exploration of the data focuses on the motivations of tax morale and...

The authors state that the political, economic and social dimensions of the Greek multifaceted (economic, banking, social and sovereign debt) crisis have turned attention to the size and impact of the unofficial to the official economy. The relation between corruption and the unofficial economy in Greece and their role in the Greek crisis have stim...

This paper mainly reviews and discusses the alternative methods adopted by researches based on tax compliance games. It is part of the research project titled “Shadow economy and corruption in Greece: Size, causes and impact.” With regard to their methods, attention should be on the individuals synthesizing the groups from which experimental data i...

The discussion about informal economic activity and corruption in Greece has drawn significant attention during the country's experience of the recent economic crisis. Although both phenomena are not new, it is believed that either both have been partly responsible for the occurrence of the economic crisis, or that a reduction of their size is feas...

ICIB 2015 & 2016 Proceedings edited by Aristidis Bitzenis and Panagiotis Kontakos. Special thanks to Maria Elisavet Dimitriadi and Vasileios Vlachos. © 2016 «Εργαστήριο Διεθνών Σχέσεων και Ευρωπαϊκής Ολοκλήρωσης του Πανεπιστημίου Μακεδονίας» Πανεπιστήμιο Μακεδονίας Οικονομικών και Κοινωνικών Επιστημών, Εγνατία 156, Τ.Κ. 54006, Θεσσαλονίκη. http:/...

This study assesses the status of renewable energy sources (RES) penetration in the electricity sector of Greece. Methodologically, we approach the topic by identifying the actual advancement of projects, from the date of initial licensing to the initiation of operational phase. Next, we investigate the institutional and social barriers for their f...

No comprehensive empirical research has been conducted to assess the qualitative variables that affect tax ethics in Greece. The proposed method of empirical research of this working paper is the use of a questionnaire survey. Accordingly, the steps toward the construction of such a questionnaire survey and the performance of stratified surveys are...

We explore the determinants of the Greek shadow economy, its interaction with the official economy, and its relationship with corruption. In doing so, we undertake — for the first time — an interdisciplinary review of economic and political studies on the size and determinants of the shadow economy, tax evasion, undeclared work and, moreover, of th...

Among countries that emerged after the disintegration of Yugoslavia in end of the 20th and beginning of the 21st century, Serbia and its neighbours are experiencing and anticipating the FDI inflows to support their relatively weak economies. After the initial inflow related to M%A during the restructuring of the financial sector, as the main driver...

The discussion about tax compliance and tax morale has been over stimulated after the eruption of the Greek crisis. In this paper, we use data from the Business Environment and Enterprise Performance Survey of the World Bank to explore the determinants of tax compliance of small enterprises in Greece. Our findings indicate that tax burden and corru...

This paper fills a gap in the literature by providing the necessary legal background for all studies of the shadow economy that make policy recommendations for transferring the activities of the shadow economy to the official/formal economy. Matters related to tax evasion and undeclared work are in principle a responsibility of the Member States of...

1 In Europe, an estimated €2.1 trillion of income is lost to undeclared work annually. The fight against undeclared work is high on the EU policy agenda since the larger the shadow economy, the more difficult it will be to achieve the employment target (to have 75 per cent of 20-64 year olds in employment by 2020), as set out in the Europe 2020 Str...

The aim of this paper was to present how shadow economy and corruption can affect the enterprises which operate in the sector of finance of energy. The economic damage is extensive in every national economy where increased levels of shadow economy and corruption exist. Accordingly, this study presents possible measures that can decrease shadow econ...

This chapter discusses the possibilities that arise by managing a successful absorption of the shadow economy. If a part of the shadow economy is successfully transferred to the official economy then the extra government revenue would calm down the aggressiveness of fiscal consolidation and thus, be an exit from the debt-deflation spiral. The main...

Η συζήτηση για τη βιωσιμότητα του ελληνικού χρέους αποτελεί το σημαντικότερο σημείο του διαλόγου για τις προοπτικές της ελληνικής οικονομίας. Φυσικά και μία ελάφρυνση του (της οποιαδήποτε τάξης) είναι ευχής έργον, για λόγους αυτονόητους. Το φλέγον ζήτημα, ωστόσο, έγκειται στο τι περιθώρια βιωσιμότητας υπάρχουν και υπό ποιες προϋποθέσεις, αν δεν υπά...

This study surveys the literature on size of the shadow economy, its determinants, informal labour, tax evasion, the relationship between the shadow and the formal economy, and the determinants of corruption and its relation with the shadow economy in a selected sample of three countries. Empirical evidence retrieved from other contemporary studies...

The paper discusses the determinants of shadow economic activities and corruption in Greece as indicated (or insinuated) by relevant studies. The concepts of tax evasion and informal labour (or undeclared work) are explored respectively. Our final aim is to build on the discussion so far in order to propose a questionnaire approach for the collecti...

This paper is part of the research project titled "Shadow economy and corruption in Greece: Size, causes and impact." Drawing from a discussion about the alternative methods adopted by researches based on tax compliance games it introduces a multifaceted approach and research methodology to tax compliance and presents the preliminary results of our...

This paper attempts to identify which factors have an impact on tax morale and tax compliance in a selected sample of developed countries, and particularly France, Germany and Austria. Empirical evidence retrieved from other contemporary studies is utilized for this purpose, based on an extended literature review performed by the authors.The method...

1 The main difficulty in the investigation of the level of tax compliance is the lack of detailed and reliable information regarding the behaviour of taxpayers. The paper reviews the main methodologies used by empirical research in assessing the levels of tax morale and compliance, such as laboratory experiments, surveys and field reviews; in turn,...

"This edited book compiles contributions from several of our finest economists. Their intention is to make creative use of well-established and highly sophisticated heterodox approaches for clarifying the multi-level and ongoing challenges plaguing European Union countries in the wake of the deep recession that got underway in 2008-9. This is econo...

Corruption is part of shadow economy and efforts have been made by governments of all developing and developed countries in order to fight it. Corruption is not a new phenomenon as it's existence is located since ancient years. Fighting corruption in recent years is a decisive procedure through the involvement of international organizations (UN, OE...

The aim of this paper is to explain why a small part of shadow economy was absorbed by the Greek GDP once in 2008 and the necessity to do so again in order to overcome the current economic/debt crisis in Greece. It is believed that the negative result of the austerity measures that were imposed to the countries which have been hit by the sovereign...

Το κεφάλαιο επικεντρώνεται στην άμεση επένδυση από και προς την αλλοδαπή και πιο συγκεκριμένα στους παράγοντες που ρυθμίζουν το μέγεθος τους και την προσφορά τους στην οικονομική μεγέθυνση της ελληνικής οικονομίας.

The preliminary qualitative results from our questionnaire survey are based on a random sample and structured interviews of micro and small business participants. According to these first results, there is evidence that the level of shadow economy in Greece has increased in the period of economic crisis, and particularly during 2010-2013, in contra...

In Greece, many are those who assert that tax revenues of hundreds millions of euro a year are lost by the Greek government from illegal activity such as in fuel trading, arguing that tax evasion and fraud affect both public revenues and healthy companies. Experts say that specifically fraud, piracy, incomplete deliveries to consumers, lack of tran...

The paper aims to provide the theoretical basis for developing a framework to analyze the main social and political factors affecting tax morale and compliance in Greece. Initially, the explanation of tax compliance by the neoclassical economic theory is presented, followed by a critical review of the neoclassical model. In turn, other, contemporar...

No comprehensive empirical research has been conducted to assess the qualitative variables that affect tax ethics in Greece. The proposed method of empirical research of this working paper is the use of a questionnaire survey. Accordingly, the steps toward the construction of such a questionnaire survey and the performance of stratified surveys are...

A characteristic of the increasing global FDI flows in the last decade is the increasing share of flows directed towards developing (as Turkey) and transition economies (as Bulgaria). In particular, developing and transition economies, for the first time in 2010, absorbed more than half of global FDI flows. This fact has been associated with an inc...

Inward foreign direct investment (FDI) consists of a critical milestone in structuring a sustainable and diversified economy as anticipated by the United Arab Emirates (UAE). The UAE’s stock of inward FDI grew at an average annual growth rate of 42%, from US$ 1.1 billion in 2000 to US$ 105 billion in 2013. The swift growth of inward FDI reflects co...

The end of the twentieth century in Central and Eastern Europe (CEE) will be remembered for the collapse of centrally planned economies, civil wars, and political turmoil that gave birth to new countries. These countries, including Serbia, started an economic transition process and integration with the rest of Europe and at the same time experience...

The aim of this working paper is to estimate the size of the shadow economy and corruption in Greece and in other countries of SouthEastern Europe and assess their impact on the investment expansion of the Greek multinational enterprises. Among the most basic FDI motives of expansion of Greek multinational enterprises in these countries (as Albania...

2014 θα είναι η αφετηρία για την ανάκαμψη της ελληνικής οικονομίας. Για να γίνει όμως αυτό πρέπει να υπάρξει επίγνωση των παρα-γόντων που δύναται να την προκαλέσουν. Καταρχήν, είναι απαραίτητος ένας προσδιορισμός της ζημίας που έχει υποστεί η ελληνική οικονομία ώστε να προσδιορίσουμε και τα χαρακτηριστικά της ανάκαμψης που απαιτείται (οι-κο νομικά...

The aim of the article is to present the issue of Foreign Direct Investments (FDI) in Turkey. In particular, through a questionnaire survey to be finalized during the summer 2013, the determinants of FDI in Turkey will be analyzed. The limited volume of academic research focused on questionnaire surveys, renders additional value to the subject. Als...

This paper presents the reasons that lead many taxpayers to the dissimulation of their income based on the level of taxes, tax system, level of imposed penalties, tax ethics, and compensatory expenses. From the whole survey with at least 2500 completed questionnaires, we will discover the causes of 1 the dissimulation of income. The questionnaire o...

The aim of the article is to present the issue of Foreign Direct Investments (FDI) in Turkey. In particular, through a questionnaire survey to be finalized during the summer 2013, the determinants of FDI in Turkey will be analyzed. The limited volume of academic research focused on questionnaire surveys, renders additional value to the subject. Als...

After the fall of the country’s communist regime, Bulgaria faced great political instability, changing prime ministers eight times between 1990 and 1997. Three economic crises were associated with slow economic growth or even recession as well as high inflation rates that weakened the Bulgarian economy and discouraged inward foreign direct investme...

With the fall of centrally planned economies in the Balkans, their liberalization and the opening of their borders to free trade and capital movements, Greece became more active in the generation of outward foreign direct investment (OFDI). Greece’s OFDI stock increased from US$ 3 billion in 1990 to US$ 6 billion in 2000 and to US$ 38 billion in 20...

Bulgaria's extraordinary openness performance in terms of international trade and inward foreign direct investment (FDI) volumes has not been affected by both the country's failure to reach the levels of structural transformation and technological upgrading achieved by Central and Eastern Europe member states and by the failure to comply with Europ...

The aim of the article is to present the issue of Foreign Direct Investments (FDI) in Turkey. In particular, through a questionnaire survey to be finalized during the summer 2013, the determinants of FDI in Turkey will be analyzed. The limited volume of academic research focused on questionnaire surveys, renders additional value to the subject. Als...

The aim of Greek multinationals to achieve a leading role in the Balkans is evident from the share of Greece’s FDI abroad—approximately one third—accumulated by the Balkan economies. However, the escalation of the sovereign debt crisis has led to major cutbacks in the activities of foreign affiliates as a means of cost reduction and to the sale of...

The Structure of this Book This brief chapter is in lieu of introduction to the notions organized in three main themes/parts throughout this volume. The first part discusses the actions taken by the euro-area in the effort to quell the negativities and transmission of the sovereign debt crisis that spreads across its member states. The second part...

The remainder of this chapter is organised as follows. The first section provides an overview of Greece’s outward FDI. The next section discusses the theoretical context on which the prospective benefits of outward FDI to the home country are rooted and analyses the potential for these benefits to be realised in Greece. Finally, the last section ma...

EU institutional framework, economic adjustment and the extensive shadow economy 1. The euro-area sovereign debt crisis and the neglected factor of the shadow economy. Aristidis Bitzenis, Ioannis Papadopoulos and Vasileios A. Vlachos Part 3: Critical historical developments 8. The Stability and Growth Pact. Aristidis Bitzenis and Ioannis Makedos 9....

Bulgaria’s extraordinary openness performance in terms of international trade and inward FDI volumes has not been affected by both, the country’s failure to reach the levels of structural transformation and technological upgrading achieved by CEE member states, and by the failure to comply with EU law within certain timeframes. Although a substanti...

2007 μέσω της κρίσης ενυπόθηκων δανείων (και συνοδεύτηκε από μία παροδική πετρελαϊκή κρίση το 2008), που στην συνέχεια οδήγησε το 2009 σε μια παγκόσμια οικονομική κρίση χωρίς προηγούμενο στη μεταπολεμική οικονομική ιστορία. Η συγκεκριμένη οικονο-μική κρίση εξελίχθηκε σε αυτό που βιώνουμε σήμερα, σε μία κρίση εξυπηρέτησης χρέους. Η έκρηξη της φούσκα...

The chapter indicates that the causes of the liquidity crisis, the credit crunch, and the current disinvestment crisis are the country’s gloomy growth prospects. A significant amount of wealth has been generated in Greece during the euro era; hence the unwillingness to invest this wealth is due to psychological reasons – i.e. increased perception o...

This comprehensive volume tackles the issues of Mergers & Acquisitions activity – the dominant form of both Foreign Direct Investment and domestic direct investment. The volume aims to explore the concept of M&As in a manner that would be useful both to students and academics/practitioners. The subject coverage deals with the core issues and the di...