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Management of working capital – the Achilles heel of small and medium enterprises (SMEs). The case of Greece

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Hyz A., Stavroulakis D., Kalandonis P.
Central European Review of Economics & Finance
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2017
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vol. 18
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issue 2
5-18
EN
Working capital represents the amount of funds invested in firms' current assets. Optimizing working capital management is a challenge and a necessity for firms especially today due to the demand volatility and limit access to bank credit. This paper investigates the relationship between working capital management and firms' performance in small and medium enterprises in Greece. The results suggests that an effective working capital management is a necessary component of firm's future growth and profitability. The analysis used data for a sample of 459 small and medium enterprises for the period from 2008 to 2012. The paper is organized as follows: in the next section we briefly present the problem based on literature review. This is followed by the presentation of research methodology and the data sources used in the analysis. The results are presented and discussed in section three. Last section summarizes the conclusions and presents further opportunities for research.
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Abolishing cash in Europe: the benefits and drawbacks of electronic transactions

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Gikas G., Hyz A., Tagkas P.
Central European Review of Economics & Finance
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2018
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vol. 23
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issue 1
59-68
EN
Many proposals favouring cash abolition have emerged over the past few years. Their economic and social impact has not yet been analysed in depth. This paper aims to present the evolution of the means of payment during the last decades and to analyse the issue of cash abolition in European economies. The creation of a cashless economy would bring benefits, such as efficiency increase, as well as problems: the disturbance of money supply, instability of the foreign exchange rate, and so on. The paper discusses the reasons and arguments expressed by supporters and opponents of cash abolition and focuses on possible consequences, from the economic point of view. The advantages, disadvantages, benefits and costs associated with the possibility of removing cash from the economy are also described. Finally, a possible scenario for the future is analysed. Keywords: Monetary Policy, Financial Markets JEL: E44, E50  
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