The study investigates the impact of R&D activity on operational performance of small- and Medium-sized Enterprises (SMEs). Prior studies have indicated that R&D activity improves market performance of large listed companies in advanced economies. We extend the research objective on the operational performance of SMEs in the small open Greek economy in which SMEs are normally not listed companies operating in a “bank-driven” financial system. The empirical results highlight the positive role of R&D investment in the performance improvement of SMEs, especially in the increase of operating cash flows and gross profit margins. Furthermore, the results indicate that the performance impact of R&D activity is moderated by the life cycle and firm size, but it does not depend on the technological intensity of the industry. Overall, the findings suggest that R&D activity may be a positive factor in the enhancement of operational performance of SMEs. Key words: Financial accounting, R&D, operating performance.

This study examines the performance of retail banking focusing on the link between shareholder value creation and operational value drivers. A unique panel data set is used, derived from the monthly Profit and Loss statements of a branch network of a very large commercial bank operating in the Greek oligopolistic financial system for the period 2006–2010. Taking into account the existence of important trade-offs between most factors of shareholder value, the value effects of the recent Greek crisis primarily characterized by the sovereign debt factor are systematically incorporated in the analysis. The results show that the crisis reverses the generally positive value effect of income diversification and reduces the value premium of lending spreads. Moreover, the crisis significantly intensifies the value premium of efficient cost management, whilst simultaneously accelerating the value destruction causing by credit risk. The findings have important managerial implications for bank managers and policymakers.

Purpose: This paper aims to investigate the impact of acquisition and organic growth on the operating efficiency and total factor productivity change of retailing networks.Design/methodology/approach: The assessment uses low-frequency data of newly opened stores and acquired stores of a large supermarket (S/M) network in Athens, for a period (financial year 2014) where the network began to refocus on its organic growth after a two-year period of deep recession (financial years 2012–2013). To evaluate the performance effects of both strategies, the authors employ the innovative benchmarking tool of bootstrap data envelopment analysis (DEA) for measuring operational efficiency and the Malmquist productivity index DEA approach for measuring productivity change over time.Findings: The short-run evidence indicates that compared to organic growth, acquisitions lead to lower operating efficiency. However, this difference gradually converges over time as acquired stores show a higher rate of productivity compared to newly opened stores. The authors interpret this as a result of the smooth integration of the acquired chain store into the organizational structure of the existing store network given their significant similarities in terms of products and customers.Practical implications: The authors inform managers of store chains that during the process of organic growth, a general improvement in efficiency takes place while in the case of acquisitions, the required post-acquisition streamlining actions cause a short delay on the realization of efficiency gains. Therefore, managers should not take it for granted that acquisitions cause a long-term decrease in efficiency.Originality/value: The study contributes to the literature on growth strategies and retailing performance in general, by offering new evidence regarding the comparative effect of the horizontal growth modes on the efficiency of store chains.

This chapter focuses on the energy transition and explores its connection with sustainability accounting and the performance management of economic organizations. This transition requires strategic actions from economic entities, aiming to promote the adoption of renewable energy sources. A bibliometric analysis was conducted using the VOSviewer software, based on 129 papers retrieved from the Scopus database. The analysis aimed to explore emerging research trends in the areas of sustainability accounting, corporate social responsibility (CSR), and performance measurement indicators. The results reveal significant thematic clusters and recurring scholarly interests. The findings underscore the strategic challenges faced by key stakeholders - particularly small and medium-sized enterprises (SMEs)-in aligning their operations with sustainability objectives. Finally, the literature highlights that integrating emerging technologies such as artificial intelligence and blockchain constitutes a critical factor for improving the quality and transparency of sustainability accounting systems.