IDEAS home Printed from https://ideas.repec.org/a/gam/jlogis/v2y2018i3p16-d166633.html
   My bibliography  Save this article

Logistics Services Sector and Economic Recession in Greece: Challenges and Opportunities

Author

Listed:
  • Dimitrios Folinas

    (Department of Supply Chain Management and Logistics, Technological Educational Institute of Central Macedonia, 60 100 Katerini, Greece)

  • Naoum Tsolakis

    (Department of Engineering, School of Technology, Centre for International Manufacturing, Institute for Manufacturing (IfM), University of Cambridge, Cambridge CB3 0FS, UK)

  • Dimitrios Aidonis

    (Department of Supply Chain Management and Logistics, Technological Educational Institute of Central Macedonia, 60 100 Katerini, Greece)

Abstract

The recent economic recession in Greece has had a detrimental impact on all national business activities, with the logistics industry being one of the most affected sectors primarily due to the significant decrease in market demand for goods and services. In this regard, the aim of this research is to identify key challenges and prospects for the Greek logistics services industry stemming from the recent economic crisis era through a critical literature taxonomy, a semantic analysis of the reviewed articles, and a questionnaire-based survey involving 140 executives from the third-party logistics sector. In principal, the recent economic crisis is reported to have significantly affected logistics service providers, thus further imposing structural reforms in the industry. The reduction in operating profits of transport companies is noticeable with the onset of the economic crisis, specifically in 2016. Nevertheless, logistics executives are optimistic regarding the near future, provided that educated and informed strategic management decisions are made and inventive business practices are embraced.

Suggested Citation

  • Dimitrios Folinas & Naoum Tsolakis & Dimitrios Aidonis, 2018. "Logistics Services Sector and Economic Recession in Greece: Challenges and Opportunities," Logistics, MDPI, vol. 2(3), pages 1-16, August.
    • Handle: RePEc:gam:jlogis:v:2:y:2018:i:3:p:16-:d:166633
    as

    Download full text from publisher

    File URL: https://www.mdpi.com/2305-6290/2/3/16/pdf
    Download Restriction: no
    File URL: https://www.mdpi.com/2305-6290/2/3/16/
    Download Restriction: no
    ---><---

    References listed on IDEAS

    as
    1. Karl G. Kempf & Feryal Erhun & Erik F. Hertzler & Timothy R. Rosenberg & Chen Peng, 2013. "Optimizing Capital Investment Decisions at Intel Corporation," Interfaces, INFORMS, vol. 43(1), pages 62-78, February.
    2. Hosein Piranfar, 2009. "Innovative management of logistics and supply chains: the hard times," International Journal of Business Performance and Supply Chain Modelling, Inderscience Enterprises Ltd, vol. 1(2/3), pages 240-255.
    3. Werner Rothengatter, 2011. "Economic Crisis and Consequences for the Transport Sector," Transportation Research, Economics and Policy, in: Werner Rothengatter & Yoshitsugu Hayashi & Wolfgang Schade (ed.), Transport Moving to Climate Intelligence, chapter 0, pages 9-28, Springer.
    4. Stephen Knack & Philip Keefer, 1995. "Institutions And Economic Performance: Cross‐Country Tests Using Alternative Institutional Measures," Economics and Politics, Wiley Blackwell, vol. 7(3), pages 207-227, November.
    5. Brandenburg, Marcus, 2016. "Supply chain efficiency, value creation and the economic crisis – An empirical assessment of the European automotive industry 2002–2010," International Journal of Production Economics, Elsevier, vol. 171(P3), pages 321-335.
    6. González Laxe, Fernando & Jesus Freire Seoane, Maria & Pais Montes, Carlos, 2012. "Maritime degree, centrality and vulnerability: port hierarchies and emerging areas in containerized transport (2008–2010)," Journal of Transport Geography, Elsevier, vol. 24(C), pages 33-44.
    7. Pavlatos, Odysseas & Kostakis, Hara, 2015. "Management accounting practices before and during economic crisis: Evidence from Greece," Advances in accounting, Elsevier, vol. 31(1), pages 150-164.
    8. Pallis, Athanasios A. & de Langen, Peter W., 2010. "Seaports and the structural implications of the economic crisis," Research in Transportation Economics, Elsevier, vol. 27(1), pages 10-18.
    9. Kiseok Lee & Shawn Ni & Ronald A. Ratti, 1995. "Oil Shocks and the Macroeconomy: The Role of Price Variability," The Energy Journal, International Association for Energy Economics, vol. 0(Number 4), pages 39-56.
    10. Min-Chun Yu & Chia-Nan Wang & Nguyen-Nhu-Y Ho, 2016. "A Grey Forecasting Approach for the Sustainability Performance of Logistics Companies," Sustainability, MDPI, vol. 8(9), pages 1-18, August.
    11. Hooi Lean, Hooi & Huang, Wei & Hong, Junjie, 2014. "Logistics and economic development: Experience from China," Transport Policy, Elsevier, vol. 32(C), pages 96-104.
    12. Rodrigo Cerda & Álvaro Silva & José Tomás Valente, 2018. "Impact of economic uncertainty in a small open economy: the case of Chile," Applied Economics, Taylor & Francis Journals, vol. 50(26), pages 2894-2908, June.
    13. Philippe Mongeon & Adèle Paul-Hus, 2016. "The journal coverage of Web of Science and Scopus: a comparative analysis," Scientometrics, Springer;Akadémiai Kiadó, vol. 106(1), pages 213-228, January.
    14. Anthony M. Pagano & Miles K. Light & Onésimo V. Sánchez & Ricardo Ungo & Eddie Tapiero, 2012. "Impact of the Panama Canal expansion on the Panamanian economy," Maritime Policy & Management, Taylor & Francis Journals, vol. 39(7), pages 705-722, December.
    15. Kavussanos, Manolis G. & Marcoulis, Stelios N., 2004. "4. Cross-Industry Comparisons Of The Behaviour Of Stock Returns In Shipping, Transportation And Other Industries," Research in Transportation Economics, Elsevier, vol. 12(1), pages 107-142, January.
    16. Tsekeris, Theodore, 2016. "Interregional trade network analysis for road freight transport in Greece," Transportation Research Part E: Logistics and Transportation Review, Elsevier, vol. 85(C), pages 132-148.
    17. Hofmann, Erik & Solakivi, Tomi & Töyli, Juuso & Zinn, Martin, 2018. "Oil price shocks and the financial performance patterns of logistics service providers," Energy Economics, Elsevier, vol. 72(C), pages 290-306.
    18. Bendig, David & Brettel, Malte & Downar, Benedikt, 2018. "Inventory component volatility and its relation to returns," International Journal of Production Economics, Elsevier, vol. 200(C), pages 37-49.
    19. Virgil Popa, 2013. "The Financial Supply Chain Management: a New Solution for Supply Chain Resilience," The AMFITEATRU ECONOMIC journal, Academy of Economic Studies - Bucharest, Romania, vol. 15(33), pages 140-153, February.
    Full references (including those not matched with items on IDEAS)

    Citations

    Citations are extracted by the CitEc Project, subscribe to its RSS feed for this item.
    as


    Cited by:

    1. Horst Treiblmaier & Patrick Mair, 2021. "Textual Data Science for Logistics and Supply Chain Management," Logistics, MDPI, vol. 5(3), pages 1-15, August.

    Most related items

    These are the items that most often cite the same works as this one and are cited by the same works as this one.
    1. Maitra, Debasish & Rehman, Mobeen Ur & Dash, Saumya Ranjan & Kang, Sang Hoon, 2021. "Oil price volatility and the logistics industry: Dynamic connectedness with portfolio implications," Energy Economics, Elsevier, vol. 102(C).
    2. Hofmann, Erik & Solakivi, Tomi & Töyli, Juuso & Zinn, Martin, 2018. "Oil price shocks and the financial performance patterns of logistics service providers," Energy Economics, Elsevier, vol. 72(C), pages 290-306.
    3. Wetzel, Philipp & Hofmann, Erik, 2019. "Supply chain finance, financial constraints and corporate performance: An explorative network analysis and future research agenda," International Journal of Production Economics, Elsevier, vol. 216(C), pages 364-383.
    4. Halvor Mehlum & Karl Moene & Ragnar Torvik, 2006. "Institutions and the Resource Curse," Economic Journal, Royal Economic Society, vol. 116(508), pages 1-20, January.
    5. Fan Li & Prashant Loyalka & Hongmei Yi & Yaojiang Shi & Natalie Johnson & Scott Rozelle, 2016. "Ability Tracking and Social Capital in China’s Rural Secondary School System," LICOS Discussion Papers 37916, LICOS - Centre for Institutions and Economic Performance, KU Leuven.
    6. Vasilii Erokhin & Dmitry Endovitsky & Alexey Bobryshev & Natalia Kulagina & Anna Ivolga, 2019. "Management Accounting Change as a Sustainable Economic Development Strategy during Pre-Recession and Recession Periods: Evidence from Russia," Sustainability, MDPI, vol. 11(11), pages 1-23, June.
    7. Eicher, Theo S. & Schreiber, Till, 2010. "Structural policies and growth: Time series evidence from a natural experiment," Journal of Development Economics, Elsevier, vol. 91(1), pages 169-179, January.
    8. Kapeliushnikov, Rostislav & Kuznetsov, Andrei & Demina, Natalia & Kuznetsova, Olga, 2013. "Threats to security of property rights in a transition economy: An empirical perspective," Journal of Comparative Economics, Elsevier, vol. 41(1), pages 245-264.
    9. Scott Gehlbach & Konstantin Sonin & Ekaterina Zhuravskaya, 2010. "Businessman Candidates," American Journal of Political Science, John Wiley & Sons, vol. 54(3), pages 718-736, July.
    10. Blackburn, Keith & Forgues-Puccio, Gonzalo F., 2009. "Why is corruption less harmful in some countries than in others?," Journal of Economic Behavior & Organization, Elsevier, vol. 72(3), pages 797-810, December.
    11. Antonio Andres & Carlyn Ramlogan-Dobson, 2011. "Is Corruption Really Bad for Inequality? Evidence from Latin America," Journal of Development Studies, Taylor & Francis Journals, vol. 47(7), pages 959-976.
    12. Ion MUȘCHEI, 2019. "The relationship between institutions and trade, empirical analysis from the Republic of Moldova case," Eastern European Journal for Regional Studies (EEJRS), Center for Studies in European Integration (CSEI), Academy of Economic Studies of Moldova (ASEM), vol. 5(2), pages 4-23, December.
    13. Fofack, Hippolyte, 2008. "Technology trap and poverty trap in Sub-Saharan Africa," Policy Research Working Paper Series 4582, The World Bank.
    14. Sobel, Andrew C., 2002. "State institutions, risk, and lending in global capital markets," International Business Review, Elsevier, vol. 11(6), pages 725-752, December.
    15. Araujo, Claudio & Bonjean, Catherine Araujo & Combes, Jean-Louis & Combes Motel, Pascale & Reis, Eustaquio J., 2009. "Property rights and deforestation in the Brazilian Amazon," Ecological Economics, Elsevier, vol. 68(8-9), pages 2461-2468, June.
    16. Ratti, Ronald A. & Vespignani, Joaquin L., 2013. "Crude oil prices and liquidity, the BRIC and G3 countries," Energy Economics, Elsevier, vol. 39(C), pages 28-38.
    17. Aygun Garayeva & Gulzar Tahirova, 2017. "Government Spending Effectiveness and the Quality of Fiscal Institutions," Business & Management Compass, University of Economics Varna, issue 2, pages 128-143.
    18. Kjetil Bjorvatn & Mohammad Reza Farzanegan, 2014. "Resource Rents, Power, and Political Stability," CESifo Working Paper Series 4727, CESifo.
    19. Ahmet Faruk Aysan & …mer Faruk Baykal & Marie-Ange Véganzonès–Varoudakis, 2011. "The Effects of Convergence in Governance on Capital Accumulation in the Black Sea Economic Cooperation Countries," Chapters, in: Mehmet Ugur & David Sunderland (ed.), Does Economic Governance Matter?, chapter 6, Edward Elgar Publishing.
    20. Kosack, Stephen, 2003. "Effective Aid: How Democracy Allows Development Aid to Improve the Quality of Life," World Development, Elsevier, vol. 31(1), pages 1-22, January.

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:gam:jlogis:v:2:y:2018:i:3:p:16-:d:166633. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    If CitEc recognized a bibliographic reference but did not link an item in RePEc to it, you can help with this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: MDPI Indexing Manager (email available below). General contact details of provider: https://www.mdpi.com .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.