a philosophical research paradigm and a theoretical
TRANSCRIPT
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A philosophical research paradigm and
a theoretical perspective of a valuation
report in the beverage sector Maria Dimitriou*
University of Macedonia, Greece
ABSTRACT
This paper contributes to the current literature in the benefits of a more coherent and
comprehensive solution to the study of analysts' valuation and the investment base of
forecasts, valuation practices, and their decision making. In addition, it demonstrates the
contribution of this method to the teaching of financial accounting with information
systems, mainly in higher education, the promotion and support of scientific research,
and the benefits it can provide as a means of knowledge for students and as an important
aid to researchers. It contributes to the improvement of the quality of educational vision
and practice.
————————————————
* Ph.D. Candidate in Field of Research: Financial Accounting with Information Systems, Department of Applied Informatics, School of Information Sciences, University of Macedonia, N. Egnatia Str. 156, 54006, Thessaloniki, Greece
E-mail: [email protected], [email protected], [email protected]
Website: https://www.linkedin.com/in/maria-dimitriou-1b238b63/, https://www.researchgate.net/profile/Maria_Dimitriou3
Identifiers: Web of Science Researcher ID Y-7232-2019, ORCID 0000-0002-6153-7122 https://publons.com/researcher/3121758/maria-dimitriou/, https://orcid.org/0000-0002-6153-7122/print
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Ένα φιλοσοφικό ερευνητικό παράδειγμα και
μια θεωρητική προοπτική μιας έκθεσης
αποτίμησης στον τομέα των ποτών
Μαρία Δημητρίου *
Πανεπιστήμιο Μακεδονίας, Ελλάδα
ΠΕΡΙΛΗΨΗ
Το παρόν άρθρο συμβάλλει στην τρέχουσα βιβλιογραφία στα οφέλη μιας πιο συνεκτικής
και συνολικής λύσης στη μελέτη της αποτίμησης των αναλυτών και της επενδυτικής
βάσης των προβλέψεων, των πρακτικών αποτίμησης και της λήψης αποφάσεων.
Επιπλέον, καταδεικνύει τη συμβολή αυτής της μεθόδου στη διδασκαλία της
χρηματοοικονομικής λογιστικής με πληροφοριακά συστήματα, κυρίως στην τριτοβάθμια
εκπαίδευση, την προώθηση και υποστήριξη της επιστημονικής έρευνας και τα οφέλη που
μπορεί να προσφέρει ως μέσο γνώσης για τους σπουδαστές και ως σημαντική βοήθεια
στους ερευνητές. Συμβάλλει στη βελτίωση της ποιότητας του εκπαιδευτικού οράματος
και της πρακτικής.
———————————————— * Υπ. Διδ. στο Πεδίο Έρευνας: Χρηματοοικονομική Λογιστική με Πληροφοριακά Συστήματα, Τμήμα Εφαρμοσμένης Πληροφορικής, Σχολή Επιστημών Πληροφορίας, Πανεπιστήμιο Μακεδονίας, Εγνατία 156, 546 36, Θεσσαλονίκη, Ελλάδα
E-mail: [email protected], [email protected], [email protected]
Website: https://www.linkedin.com/in/maria-dimitriou-1b238b63/, https://www.researchgate.net/profile/Maria_Dimitriou3
Identifiers: Web of Science Researcher ID Y-7232-2019, ORCID 0000-0002-6153-7122 https://publons.com/researcher/3121758/maria-dimitriou/, https://orcid.org/0000-0002-6153-7122/print
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1 Introduction - Problem - Significance of the subject
The corporate valuation is undoubtedly a critical area of interest in Economics and
Administrative Sciences, research, and practical application at an international level. The issue of
its conceptual identification and accounting treatment has been attracting the interest of academic
thought for a long time. The impact of the introduction of new technologies is believed to have
contributed and may still contribute to the further development of research and practical
implementation but also in conjunction with the business environment and applicable accounting
rules, principles, and standards that have changed significantly.
In this PhD paper, I sought to explore the links between the research report, the corporate
valuation and modeling, through a "paradigm" and more specifically a "paradigm of a research
/valuation report and modeling through the Information and Communications Technology" for
educational purposes so as to give some solutions to the academic and research community as
well as to highlight the many opportunities that they offer for further research, focusing on the
beverage industry in Greece and worldwide.
2 Purpose - Objectives
As regards the format for a research report, I intend to cover three of its main features, namely:
1) The understanding of it as a five-step process used by certified financial analysts to
determine the value of the company under consideration and to examine the investment base of
the recommendation (the "black box" of the process), including the important role played by
analysts in the capital markets, and the use of this valuation process in making an appropriate
investment recommendation for the preparation, writing and presenting the "paradigm of
valuation and modelling in the case of Coca Cola Hellenic BC SA" as a research report but also
as a further (theoretical, methodological and practical) contribution to previous studies in the field
of research by examining in detail the different approaches used to investigate this issue by
establishing or confirming facts and results of previous works, resolving existing problems, the
theoretical support, the development of new theories within the institutional and regulatory
framework of accounting used by the companies under consideration, using information and
communication technologies (for collecting, manipulating and analyzing data such as the internet,
web resources and databases or macroeconomic platforms and other data and information) and
financial modeling in Excel spreadsheets.
2) How the form of the research /valuation report further develop knowledge in corporate
valuation or, for example, research of a student team. This form can be used in order to promote a
student's research capacity to prepare for future jobs or research reports, developing his /her
critical thinking and
3) the understanding of it as a research-based approach which is dependent on
knowledge (in other words, epistemology or knowledge theory), that is, the branch of philosophy
that studies the essence, forms, sources, potentials, values and limits of actual external knowledge
and the ego, which vary considerably both within and between the social and human sciences.
As far as corporate valuation and modeling are concerned, I intend to cover both their
connections and their distinctions, such as the fact that the "modeling" is related to the choice of
the appropriate valuation model, taking into account the characteristics of the company to be
valued, while the "corporate valuation" is related more to the outcome of the valuation process
that makes modeling feasible and practical.
In the approach of corporate valuation and modeling, primarily the basic steps of the valuation
process are emphasized (1. Understanding the business, 2. Forecasting the performance of the
company, 3. Selecting the appropriate valuation model, 4. Conversion of forecasts in the
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valuation, 5. Making investment decision-recommendation). However, whenever necessary, I
discuss other methodologies, models and tools that support decision-making and reduce the
potential risks of investing, such as the business model of the company's value chain, its PEST
analysis, its own and competitors’ SWOT analysis, strategic analysis, competitive position and
maturity in industry, the BCG matrix, the model of the five competitive forces of Porter, and the
analysis of strategies to achieve the competitive advantage. An overview of the cash flow
modeling is considered, since it was chosen as the most appropriate to analyze, considering the
characteristics of the business to be analyzed.
Through the "paradigm" (and in particular the "paradigm of a Research Report " or the "Research
paradigm of a Valuation Report and Modeling"), by summarizing the information content and the
findings of the valuation process, and highlighting the risk-adjusted model of discounted cash
flow valuation model, various variants and stages of development, taking real-time market data
with a focus on the beverage and refreshments sector in Greece and abroad, giving the
appropriate investment recommendation of the stock in the case of Coca-Cola Hellenic, for a
better understanding of what was said, I envision to convey the following:
1) the assumptions on issues, such as the investment characteristics of the company to be
analyzed, and its potential in the future by analyzing the company, its industry and its competitive
position, the financial analysis (financial statements under IAS /IFRS) and its performance
forecasting, corporate governance analysis and corporate social responsibility analysis as well as
its pillars: market, environment, workplace and society, which contribute to sustainability in the
broader field of knowledge of the valuation process
2) the "appropriate" investment recommendation making, which involves the final
determination of the actual value of the company per share based on discounted cash flow
valuation, and in combination with other methods to exclude the weaknesses of the method (sum
of the parts analysis, sensitivity analysis, comparative valuation, analysis and comparison of
multiples) based on both the literature and the image of the data
3) The cases of accounting frameworks, rules, principles, and standards of a research
nature analyzing the global adoption of IFRS (benefits and prospects) and the impact of new
technologies (proprietary or free and open source accounting software /financial packages), for
corporate valuation and modeling.
In this way, this paper intends to establish a framework for a constructive valuation research
report that goes beyond valuation approaches and models in the framework of the accounting
treatment for the company's financial statements and the interpretation of valuation approaches
and models using technologies of information and communications as an open challenge. The
construction of a cash flow valuation model using Excel expresses the central idea of the research
project, as part of the valuation process and in the format of a research report, to generate an
appropriate investment recommendation.
This paper aims to contribute to further exploration and reflection on the subject in order to
improve the quality of education and learning processes, the promotion and support of scientific
research, and to the benefits that it can provide as a means of knowledge for students and as an
important aid for researchers. Following the approach and the structure explained above, the
Ph.D. paper will succeed in contributing to theory-practice-methodology.
3 Hypothesis - Questions
In this research, I examined the following questions:
• How does corporate valuation and modeling make it possible to generate an
appropriate investment recommendation?
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• What is the investment base (the "black box") that generates forecasts, valuation
practices, and stock recommendations?
• Are valuation forecasts and stock recommendations with a documented investment
base more successful than others?
• How can the development of critical thinking and action encourage the development
of an effective corporate valuation? What is the added value of such approaches?
• What has changed, and what is going to change in the future as regards the framework
of the “accounting treatment” for valuation through Information and Communications
Technology?
• What are the types of valuation models and the accounting frameworks applied in the
research paradigm of corporate valuation and modeling?
• How is the data from the financial statements treated to be included in the valuation
model? What is their role in forecasting, in the practice of selected valuation models, and thus in
making appropriate investment decisions?
4 Contribution
During the past 20 years, it could be argued that the issue of valuation is addressed in the
international bibliography of the investment profession and investment strategies, while there is a
great deal of interest from accounting and finance researchers (both academic and investment
industry researchers) in the better understanding of the analysts' valuation and the investment
base (as a "black box") of forecasts, valuation practices, and their decision-making.
The research results in the SSRN electronic library show 2,685 articles for certified financial
analysts, 206 for sell-side analysts, 1,078 for the valuation process, and 559 articles for the black
box. Furthermore, on the websites of the international academic competitions among teams of
three-five students, such as CFA Institute's CFA research challenge and recently the MBA Stock
Picking competition organized by Ben Graham Center, the research results show several research
reports.
In this Ph.D. paper, I try to contribute to a more coherent and comprehensive solution to the study
of analysts' valuation and the investment base of forecasts, valuation practices, and their decision
making.
5 Methodology and Data
The methodological approaches to solving critical research problems as well as to expanding and
redefining existing knowledge and professional practice include a bibliographic review between
corporate valuation and modeling and the research report used by certified financial analysts.
Therefore, I was based on extensive bibliographic research and a comparative survey and
synthesis of research in order to suggest something new. Different theoretical and experimental
findings of other researchers are also distinguished.
I also carried out a comparative analysis of the accounting standards applicable to companies in
Greece. This analysis has consistently brought the most effective results for the more accurate
and complete information to the markets and stakeholders since 2005, with the adoption of
IFRS/IAS by the listed companies in the ASE, as well as the application of the New Greek
Accounting Standards in non-listed companies from 2015. This analysis was done in order to
identify common points in the way of preparing the financial statements and the accounting
treatment of their elements. As far as Greece is concerned, I also took an analysis of the main
points of adopting IFRS/IAS to highlight their philosophical basis and value.
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Then, I carried out the theoretical perspective of the above-using information and
communications technology as an open challenge. The results of the valuation and modeling
based on cash flows from the financial statements are also examined in order to analyze how the
data is treated in order to be included in the valuation model and their role in forecasting, the
practice of the selected valuation models, and thus in making appropriate investment decisions.
To understand the above, I give a personal valuation report to a beverage company that
summarizes the content of the information and research findings (description, primary analysis,
secondary analysis, conclusions) and highlights the construction of a risk-adjusted discounted
cash flow valuation model in an appropriate investment recommendation for its share.
The methods of research - methodology, epistemology and ontology - of the paper (or PhD thesis)
include, thus, the grounded theory, the narrative study, the case study, the interpretation and
analysis of the chosen valuation models and their variables as well as how they might evolve over
time, the relationship between the recommendation and the accuracy of the target price, the
valuation study of the geographic regions and the product category, the descriptive study and the
valuation study of the analysts, the examination of associated papers and articles of the project
reviewed by experts in conferences and journals respectively, all of whom ensuring the scientific
character of the work and the validity of its conclusions — this paper in this direction. The
milestones and associated papers and articles of the project with abstracts are described in
APPENDIX 2 - Methods and Procedures and the Table: Timetable - Stages of Dissertation with
Publications, in order to make it possible to follow and assess the project’s overall progress.
6 Research Results, Discussion, and Conclusions
The corporate valuation and modeling are considered necessary both for the development of the
individuals involved and for the achievement of valuable investment decisions. The appropriate
investment recommendation or decision making in the case of Coca Cola Hellenic with reference
to how corporate valuation and modeling possibly come from the different steps of the valuation
process (1. Understanding the business, 2. Forecasting the performance of the company, 3.
Selecting the appropriate valuation model, 4. Conversion of forecasts in the valuation, 5. Making
investment decision-recommendation), their research, analysis, and interpretation.
Among them, the step of the selection of the DCF models (discounted cash flow models), which
are appeared "complex", the continuing importance of the "simple" multipliers, in particular the
P/E multiplier (current stock price /earnings per share), as well as research tools in business
administration, as a specialist in the scientific field of economic and legal sciences in the
scientific field of humanities and social sciences, as well as in pedagogy.
However, given the importance of analysts' valuation in today's and tomorrow's ever-changing
world, it is extremely important to look at the documented investment base (the "black box") that
creates forecasts, valuation practices, and stock recommendations.
Most valuation reports cover the following three major areas: 1) description (presentation of
events, this informs the reader about sales, profits, new products of the company and the
macroeconomic and industrial frameworks in which the company operates), 2) analysis and
forecasts for industry and business, and 3) valuation and recommendation.
Certain "research reports" have a significant influence on value investing, although this may not
always be visible or clear. One question in this thesis is whether valuation forecasts and stock
recommendations that are clearer for analyzing their investment base are more successful than
others whose assumptions are expressed only indirectly, and usually selectively and /or rather
vaguely.
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It is widely accepted that decision-makers, independent researchers, and practitioners usually
have their thinking and action patterns. It may, therefore, be important to investigate how the
valuation process in the format of a research report used by certified financial analysts can
encourage the development of critical thinking and action, as well as the added value of such
approaches in the design and implementation of necessary innovations in education.
The relationship between the research report, corporate valuation, and modeling is not one-way,
with influences stemming from the investment research towards corporate valuation and
modeling alone. Instead, the many changes in the current world, such as the global adoption of
IFRS (with its opportunities, threats, weaknesses and risks) and new technologies (private or free
and open-source software for accounting, private or free software financial packages code), give
new impetus to corporate valuation and modeling in the context of "accounting treatment"
through Information and Communications Technology for what is happening and what is going to
happen in the future.
In the context of a global university competition (at a local level) among students of accounting
and finance (such as the CFA Research Challenge), I personally gained experience in designing,
developing and writing a research valuation report in 2012 (from the sell-side analyst approach) -
under the supervision of a CFA mentor and two academic advisors with a presentation of the
report to a panel of experts - and I also had the opportunity to look at the valuation process, stock
recommendations and valuation practices used by certified financial analysts with documented
results and investment recommendation making.
Thus, the "Investment Research for Coca-Cola HBC" attracted and gathered the attention of the
students of finance and business administration when the students participated in the CFA
Institute Research Challenge in 2011 in Greece (four months of full study and research period
from November 2011 to February 2012) for the development and implementation of an
investment research /a valuation report specifically of the listed Coca Cola Hellenic SA in the
same way it is approached by professionals. The same applies to other local levels for other listed
companies where, eventually, some teams end up at a European and global level in such
competitions.
When analyzing research reports in such competitions, it became clear that their success is linked
to how the valuation forecasts and the investment recommendations were established. These are
usually closely related to the analysis of the valuation of the company under consideration and
their potential in the future against the risk factors of the environment in which it operates.
Given that these valuation forecasts and the investment recommendations are closely related to
the assumptions regarding the investment characteristics of the company and its potential in the
future, as well as the question as to the type of valuation models applied, the interest over time is
directed towards the closer examination of the relationships between the geographical areas
(Europe, Russia, Africa) and the product categories (soft drinks, juices, bottled water). Exploring
the "research paradigm of a valuation report" is, of course, a possible way to investigate the,
sometimes, very complex connections between these geographical areas and the product
categories.
As shown above, decisions in the areas of corporate valuation and modeling are influenced by
many factors. Without diminishing the importance of empirical and statistical research,
experiments and other "scientific" methods in economic sciences (both quantitative and
qualitative) and in particular analysts' valuations, this research drew attention to the need for
complementing the "scientific" perspective with a philosophical perspective, which implies both
the forecasting of the company's performance and the ability to explore critically the bases (the
"black box") of the investment recommendation in the fields of the forecasting, the valuation
practices and the stock recommendations. In addition, this research demonstrates the contribution
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of this method to the teaching of financial accounting with information systems, mainly in higher
education, the promotion and support of scientific research, and the benefits it can provide as a
means of knowledge for students and as an important aid for researchers.
7 Originality /Value
I consider the original points of the paper to be the following:
First of all, the choice of themes concerning the discussion of the complex interaction among the
research report, corporate valuation, and modeling. By exploring such relationships, one cannot
overlook the fact that some current debates and dilemmas in the research and pedagogy of this
particular field are, in fact old. And the same is true of some of the research solutions that
researchers have proposed in the past, some of which could now be covered.
Secondly, the way in which the connections among the research report, corporate valuation, and
modeling have been explored from different perspectives through the "research paradigm of a
valuation report", including a new reading of the contributions of some experienced researchers
on improving education and learning.
In this way, the debate on research report, corporate valuation and modeling, influences the
educational vision by emphasizing, for example, the understanding of the investment base, the
adoption of IFRS and Information and Communications Technology, as well as the tools to
improve the quality of the education and the learning in financial accounting with information
systems, with emphasis on making appropriate investment decisions.
The effort to compose and systematize an extensive bibliography around several main axes
defined is based on the research paradigm of a valuation report. Without ignoring the context of
the paradigm, I find it extremely useful to redefine certain links among valuation theory, analysis
of the investment base of the forecasts, valuation practices, and stock recommendations.
The results of the applied research in comparing the accounting frameworks of different
companies were analyzed to shed light on common points in the way in which their financial
statements are prepared, and their data is treated in them, including their philosophical basis and
value.
The results of the researchers I focus on demonstrate the need of the teachers and the
professionals of the future to be guided by a more direct observation of the analysis process of
analysts as opposed to the examination of the correlations between financial inputs, results and
variables to understand the analysis process and the bases for the recommendations.
The observations and conclusions regarding the added value of the research report, which covers
the description (presentation of sales, profits, new products of the company and the
macroeconomic and industrial frameworks in which the company operates), analysis and
forecasts for industry and enterprise, and, finally, valuation and recommendation, as approached
by analysts, contribute to the improvement of the quality of the educational vision and the
practice.
In fact, this characteristic in the Department of Applied Informatics, by covering the field of
research in Financial Accounting with Information Systems, is related to the objective of the
paper resulting from the use of information and communication technology in the accounting
treatment of corporate valuation based on Greek Accounting Standards and International
Financial Reporting Standards to generate an appropriate investment recommendation through a
research paradigm of a valuation report. At the same time, it should be particularly satisfying and
interesting for students to study in Applied Informatics or Business Administration, including
Accounting and Finance.
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8 Future Extensions - Proposals
The form of the research paradigm and the real-life based case study are, in some cases,
preferable to a "traditional" practice based on given information and data, as well as on
memorizing types and their exact reproduction.
A valuation report or the construction of a risk-adjusted discounted cash flow valuation model
with the use of information and communication technology should also take into account the
accounting and technological context (adoption of IFRS and new technologies). An ongoing flow
of changes in accounting standards is expected in the coming months and years; thus, the future
extension of the study will need to be renewed regarding IFRS and IAS. In addition, in recent
years, the concept of information and communication technologies has changed into information
systems and information technologies, while the free software on accounting and the special
software packages on finance begin to be used for educational purposes. The findings suggest that
future research should look at some applications with this software.
An effective and reliable investment research /valuation report and its criteria, as well as its
contribution to the achievement of a meaningful conclusion, should be encouraged rather than
addressing some scattered aspects of the report alone.
I hope that researchers working through this research will begin to understand the equity
valuation and stock recommendation, with an emphasis on (i) the companies of the beverage-soft
drinks sector (ii) the accounting treatment from the Greek GAAP to IFRS and (iii) the valuation
models and related aspects of their approaches (accounting /financial and other information used)
for generating valuations and stock recommendations using the Information and Communications
Technology.
I hope that final-year undergraduate or first-year graduate students who study financial
accounting or /and basic financial accounting analysis could go through the materials of this
research with an increased appreciation of how valuation models are applied through a valuation
process used by financial analysts and its related dimensions, such as the accounting treatment
based on Greek GAAP and IFRS as well as the information and communication technology.
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ACKNOWLEDGMENT
This research was published, presented, and discussed at the 7th Spring Conference of the
Multinational Finance Society. It is a postprint. The implementation of the PhD thesis or related
research papers was supported by the State Scholarships Foundation-IKY (seventeen months)
[grant number 3156, 23.03.2018 (1st-3rd Quarterly Progress Report: Paper 9)], [grant number is
pending (4th-5th Quarterly Progress Report: Paper 10, Article 2-3, & Final Deliverables-
Quarterly Progress Report: Ph.D. Thesis & Ph.D. Paper 1-2)]. The participations with research
papers to scientific conferences were supported by the University of Macedonia’s Unit of Special
Account for Research Funds-ELKE followed the decision of the Faculty Assembly [grant number
8338/2015 (Paper 1, 09/2014, 5th ICAF)], [grant number 8339/2015 (Paper 2, 12/2014, 13rd
HFAA)], [grant number 6746/2016 (Paper 3, 06/2015, 22nd MFS)], [grant number 6748/2016
(Paper 5, 12/2015, 14th HFAA)], [grant number 3025/2017 (Paper 6, 06/2016, 23rd MFS)],
[grant number 3045/2017 (Paper 7, 12/2016, 15th HFAA)], [grant number 9633/2018 (Paper 8,
04/2017, 5th Spring MFS)], [grant number 9642/2018 (Paper 9, 06/2017, 24th MFS)], [grant
number 6206/14.03.2019 (Paper 10, 06/2018, 25th MFS)]. The agreement or grant number is
pending for the participations with research papers [(PhD Paper 1, 11/2018, 17th HFAA), (PhD
Paper 2, 12/2018, 7th Spring MFS), & (PhD Paper 3, 02/2019, 26th MFS)] to scientific
conferences.
The University of Macedonia’s Departments (Accounting and finance, and Applied Informatics)
and Library, during master and doctoral program, provided the support that was related
workshops, seminars, or lectures by their staff. The planning and presentation of the Ph.D. Thesis
supervised by 3-faculty member advisory committee (1. assoc. professor Stavropoulos
A.-supervisor, 2. assist. professor Dassilas A. who replaced professor Negakis C. who replaced
professor Vazakidis A., 3. professor Refanidis I.) with four annually and five more quarterly
progress reports, MSc Thesis supervised by professor Dimitrios Papadopoulos, BSc Thesis
supervised by professor Despina Makridou-Boussiou.
The Chartered Financial Analyst Society provided the support that was the CFA Research
Challenge, the related meetings, and a book on equity asset valuation, and Publishing House
Diplografia provided the support that was the books on financial accounting, consolidated
financial statements, and end-of-year accounting tasks according to the Greek Accounting
Standards. The European Financial Management Association, the Multinational Finance Society,
and the Hellenic Finance and Accounting Association provided the support that was Tutorial
Sessions, Panel Sessions “Improving Research in Accounting and Finance”, Keynote Speeches,
and Discussion Sessions at their Conferences.
Participants at the conferences of the Multinational Finance Society (assoc. professor Chima
Mbagwu - Wilfrid Laurier University, Canada, assoc. professor Ozge Uygur - Rowan University,
USA, professor Mine Aksu - Sabanci University, Turkey, professor Laurence Booth - University
of Toronto, Canada, Ph.D. cand. Simeon Ketterer - University of Bamberg, Germany, professor
Anna Giannopoulou-Merika - Deree College, Greece, which indicated the attendance of the
Conference entitled «26th EFMA», assoc. professor Neofytos Lampertidis - Technological
University, Cyprus, Ph.D. cand. Grace Essien - University of Leeds, United Kingdom, assoc.
professor Krzysztof Jackowicz - Kozminski University, Poland, professor Callen Jeffrey -
University of Toronto, Canada, professor Theodoros Sougiannis - University of Illinois, USA,
professor Martikainen Minna - Hanken School of Economics, Finland, lecturer Anestis Ladas -
University of Macedonia, Greece, Participants), at the conferences of the Hellenic Finance and
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Accounting Association (professor Georgios Papanastasopoulos – University of Piraeus, Greece,
prof. Michalis Bekiaris - University of the Aegean, Greece, professor Vasilis Filios - University
of Patras, Greece, lecturer Athanasios Tsagkanos - University of Patras, Greece, Participants), at
two other international conferences (professor Christos Negakis - University of Macedonia,
Greece who indicated the attendance of the Conference entitled "13th HFAA" with special panel
sessions: "Improving research in finance and accounting", professor Dimitrios Koysenidis -
Aristotle University of Thessaloniki, Greece, professor Pavlos Malindretos, Participants) and at
an international university competition / local CFA Research Challenge (Mr. Dimitris Karydas –
CFA mentor, Mr. Ioannis Ritsios- CFA chair, professor Ioannis Lazaridis, and lecturer Simos
Papadopoulos – faculty advisors, Panel of Experts or Examination Committee, Participants),
provided the written reports or discussions on the author’s previous research papers.
Reviewers in the Multinational Finance Journal (Theodossiou P. - Editor-in-Chief and the
Referees) provided the written reports on the author’s previous research articles.
The philologist Tsogga Athanasia for the remarks in the text of the Ph.D. thesis in Greek and the
philologist Koutsou Maria for the remarks in the text of the Ph.D. thesis or Ph.D. Paper 2 in
English.
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BIOGRAPHICAL DATA ABOUT MARIA DIMITRIOU
Maria Dimitriou received her BSc degree in Applied Informatics (Field of study: Computer
Science-Economics-Business Administration-Education/Teaching Methods with teaching a
course in a high school, internships in management at two educational institutions) in 2009 and
her MSc diploma (for business executives) in Strategic Managerial Accounting and Financial
Management Management (Direction of Specialization: Finance) in 2012 from the University of
Macedonia. In 2014, she has been a Ph.D. candidate /researcher ELKE -UoM, and since May
2017 she has been an IKY Scholar within the Department of Applied Informatics (Field of
Research: Financial Accounting with Information Systems) at the University of Macedonia, with
a C2 level: experienced user of knowledge in the English language, and native speaker of the
Greek language.
She has 14 years of work experience during her studies, with 8 years of management experience,
including a high-level position. She received professional certifications in management with
information systems, computer teaching, financial /business consulting, investment research
(from sell-side analyst approach), in finance and accounting science, in the research, teaching,
and practice of finance. She writes, presents and discusses in high profile academic conferences
with publications widely on issues of accounting, finance, firm valuation, IFRSs, financial
reporting, emerging markets, corporate finance, financial management, and accounting. She is
also the author of three theses: BSc, MSc and Ph.D. Thesis or relevant papers.
During her doctoral studies, she participated in educational and research activities, in total with
thirteen (13) original research papers (seven papers of excellence) published in international
(domestic and foreign) scientific journals (booklet with or without clarification of Impact Factor
and electronic platform) with peer-review system and and an electronic platform, as well as with
two (2) articles in a valid international scientific journal - included in the university’s list of
approved scientific journals with impact factor- that were completely reviewed for publication in
a journal (included in the university’s list of approved scientific journals with impact factor) and
improved according to these referees reports in the final text of the Ph.D. thesis and papers,
further improving the art of research and giving direction to excellence.
She was also selected for a 17-month IKY Scholarship based on the updated research proposal
together with a bibliography of the third year. This research proposal got a qualitative evaluation
for excellence, originality and realistic timetable for for Ph.D. thesis's or relevant papers’
implementation (05.2017-10.2018) & defence (10.2018-01.2019) in the Scientific Sector: Social
and Human Sciences, Scientific Branch: Economic and Legal Sciences, Specialization: Business
Administration, with progress reports receiving part of the scholarship.
She was awarded a certificate for outstanding investment research (representing the University of
Macedonia) during the Postgraduate studies as part of the CFA Research Challenge based on
quantitative and qualitative criteria and under the supervision of a mentor CFA and academic
advisors. She was distinguished for the combined score of the written report and its presentation
to a panel of experts (examination committee) in the 3rd place among six teams of 3-5 students of
universities from all over Greece.
She received ELKE financial support for participation in internships, in university competition
/research challenge, and scientific conferences during undergraduate, postgraduate, and doctoral
studies, respectively, based on the academic criteria and budget which were laid down by the
Faculty Assembly of each department per year.
page 13 from 22
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