Monitoring the evolution and benefits of Responsible Research and Innovation (RRI) in Europe has been a three-and-a-half year-long endeavour in terms of conceptual thinking, data challenges, pragmatic solutions, critical reflections and last but not least substantial findings. The study programme started with an initial scoping of the RRI dimensions (Gender equality, Public engagement, Science literacy and science education, Open access, Ethics, and as overarching dimension Governance). A heavy data collection exercise - including the collection of existing data and the launch of different surveys - was complemented by 蠰ڌ糰ڈtoring the Evolution and Benefits of Responsible Research and Innovation (MoRRI) was a project tasked with implementing a monitoring system for responsible research and innovation (RRI) across its five dimensions (gender equality, science literacy and science education, public engagement, ethics, open access/open data), and governance. In addition to identifying indicators for the evolution of RRI, it identified social, democratic, economic and scientific benefits of RRI, and also conducted preliminary work to lay out routes towards implementing impact indicators. This is the final report of the MoRRI project. It provides details of all aspects of the work carried out, analysis of the data collected, and insights and reflections obtained during the course of the project.

This research project investigates the influence of a number of economic and financial variables on the profitability of Greek enterprises from 2006 to 2013, namely: annual revenue, exports as a binary variable, number of employees, sectoral composition, investments and founding year. Three models were tested using linear stepwise regression as well as logistic regression. The fit to the data is low, indicating that other important factors, in addition to those tested, influence the development of corporate profits more. Running the models for individual years we see that in the years 2010 and 2011 mark a shift in the direction of the relation of several of our variables to profits (such as the age of the enterprise and the number of employees). The full application of austerity policies because of the crisis may be the explanation for that, indicating that the crisis did not have a unified influence on profitability. More importantly statistically significant results are observed in relations which conflict with economic theory, namely exports are negatively correlated to profitability (Model 1) or not correlated at all (Model 2). Our models do not contribute to understanding the determinants of profitability but rather the difficulties to identify smooth profitability patterns at times of crisis and austerity. The research is still in progress as we strive to improve the explanatory power of the models, by expanding the number of variables and using additional statistical methods.

The present paper tries to devise a rating system for evaluating the likelihood of success of publicly supported companies. In recent literature we encounter quality indexes, composed of variables like name selection, registration location, intellectual property rights etc., which predict fairly accurately startup success. Unfortunately such indexes can only be compiled for countries with open administrations facilitating access and cross-checking of company data. We argue, however, that it is countries with less open administrations that have the highest need of ex ante quality assessment in order to maximise the public return of investment of state support mechanisms. This is why we suggest that, rather than giving up research on the likelihood of company growth because of lack of systematic open data, we can test firm dynamism based on public domain information. Dynamic firms, we assume, will be more likely to grow. The Web and Social Media data, which have until now mostly been used for marketing purposes, can be a valuable source of information for our purpose. We attempted to use the digital footprint as a proxy for the dynamism of SMEs and startups. Using State Aid schemes (i.e. public support to profit-oriented companies) in the period 2007-2013 in Greece we constructed a sample of 2000 companies and rated them individually for their presence (or not) in Facebook, LinkedIn, a site (with or without registered domain name), e-mail with domain name, references, size of the site, sales via web, search function, communication, regular update, FAQs and after sales support availability. Testing for sector, region, type of company and type of support scheme we find a statistically significant result for the more dynamic sectors, type of schemes and type of companies, while the regional level appears to be irrelevant, as companies in all regions demonstrate a fairly unified digital presence.

In this paper we propose and test a methodology for constructing a credit rating model. We follow a polytomous ordered probit analysis leading to the specification of statistically significant credit rating intervals. We test our model with accounting data of Greek listed firms over the years 2004–2013, a period which includes both the pre-crisis growth and the crisis phase of the Greek economy and the stock market. Using the empirically—based rating categories that the model generates endogenously, we observe not only a clear and timely response of ratings to the changing economic environment, but we also obtain significant predictive ability over a period of one, two and three years.

This paper analyses the experiences and potential for public procurement targeting innovation (PPfI) and pre-commercial public procurement (PCP) in Greece, which is a country with small internal market skewing actual activities towards light manufacturing, labour-intensive industries and small-firm organisation. This environment is not conducive to PPfI, as there is limited lobbying power and few visible impacts from it. Public procurement is in general organised in a traditional way, respecting the EU Directives but not acting as an industrial policy tool. It is, however, argued that even in such markets diffusion-oriented PPfI and unintentional PPfI can play a beneficial role and create potential benefits from export markets, when co-development of client and supplier is successful, in particular if this takes place early in the technology cycle to allow suppliers to acquire knowledge about specific business procedures and be able to demonstrate systems in operation.

One of the major challenges of public procurement for innovation (PPI) is risk aversion and the limited risk management practices in the public sector (Edler et al., Chapter 2 in this volume). While this problem has been identified for many years (Edler et al., 2005), there have been no attempts to design an effective risk management framework that can be used to alleviate it. The major reason for this is the high level of complexity when it comes to defining, understanding and operationalizing risk, which are necessary in order to make it manageable in the first place. Risks associated with PPI do not only emanate from the nature of the innovation activity itself, but have a large number of different origins associated with the heterogeneity of the actor landscape in PPI. Moreover, different actors have different risk perceptions, and we often find a mismatch between actor groups benefiting from an innovation (users, suppliers, citizens) and those that bear the consequences of its failure. Against this background, the purpose of this chapter is to conceptualize risk and risk management in PPI and discuss the value of such a conceptualization for PPI practice and policy-making. Our conceptualization of risk and risk management in PPI refers to the various types of risks that are relevant to the public procurement process, and indicates some governance and managerial challenges these pose for PPI.

Knowledge, research, and innovation are of crucial importance for the competitiveness of an economy and a recipe for economic development not only for developed and developing countries, but also for entities surviving a political abnormality, such as the Palestinian territories. As Palestinians are currently planning for their future viable state, the policy and decision makers should formulate relevant science, technology, and innovation policies that encourage the different national sectors to utilize the available innovation potentials and the experience and support of other countries, for developing a competitive economy. Conducting and analyzing a community innovation survey on two major Palestinian industrial sectors, namely quarrying and stone fabrication and the food and beverages sector, brought about very promising indicators and showed high innovative potentials in both sectors. Employment, export, and revenues are clearly improved in innovative enterprises. Lack of cooperation between the industrial sector and the higher education and research and development institutions is found to be a major problem that should be tackled in order to strengthen the enterprises’ ability to innovate.

This paper investigates the potential congruence between research and innovation intensity in a country and the role society plays in the adoption and dissemination of scientific results. Using descriptive reports it tries to quantify certain variables and finds a significant degree of coincidence between the two. This, however, does not indicate any causal relationship but suggests that a systematic exercise of this type is feasible and may lead to the creation of valuable time series that can form solid evidence for policy in the future and create an interesting database for further research and policy-making. Countries that rank higher in their ‘science in society’ performance compared to their innovation ranking may be used as models for imitation. Furthermore, the rating process indicated that there are significant differences between European member states but there is at least a minimum involvement in every country.

This volume emerged from a collaborative Network of Excellence project funded by the European Commission. The Network, which comprises thirty-two institutes from Europe and beyond, integrates European research capabilities across disciplines and countries to provide the society and the state with tools for managing cultural diversity as a key element of sustainable development. The work presented here describes the emergence and increasing importance of diversity within academic research and practice and offers valuable insights on diversity management and policy implementation.

Is there an Innovation Systems Governance in North Africa and in the Middle East?This article summarizes observations on the technological and innovation level of four Mediterranean countries (Egypt, Jordan, Morocco, Tunisia). Although these concepts are still controversial, we try to examine the specific issue of the governance of innovation policies. This approach is most adapted to countries where the “national system of innovation” concept seems not to apply. Our findings show that even though a real political will has been raised on innovation by the governments, the difficulties remain on many key aspects: (1) State Maghreb-Machrek, N˚ 202, Hiver 2009-2010 policies have served mainly to increase public research and the recent efforts to define the contours of an innovation policy have had little if no impact on the economy; (2) we suggest this is due to the fact that State policies oriented to promote innovation are badly accepted by other economic actors (due to a “top-down” approach that prevails in all four countries); (3) innovation policies seem hesitant and discontinuous and the voluntarism is rather of circumstances (changes in Tunisia, in Morocco, in Jordan, in Egypt); (4) scientific research is real in these countries and is based on individuals’ efforts, and innovation is developing in enterprises that have little knowledge of policies that are supposed to be oriented to tem. We conclude that the “world of innovation” is growing, even when the State seems to play a predominant role it has little impact and a low efficiency.

Purpose– Corporate governance (CG) has mainly focused on highly dispersed corporations. This paper has two objectives: to enrich the debate in this area and to contribute to the increasing body of literature by exploring the CG of the listed family firms in Greece; and to place the CG practices of Greek family firms within the international debate, especially in the framework of a small open capital market. In addition, this paper presents an attempt to quantify the compliance of family firms with international best practices. Design/methodology/approach– The methodology consisted of the creation of a questionnaire reflecting the Greek CG code and other well‐regarded CG codes, like the OECD principles. The authors constructed a CG rating system and applied it to distinguish family from non‐family firms. Findings– The main conclusion is that the family firms lack an efficient CG mechanism and they demonstrated poor governance compared with non‐family firms. Practical implications– The results disclose the potential strengths and weaknesses of the existing CG framework of the family‐owned firms. The methodology applies in a small open economy and may have significant implications in other similar capital markets. Originality/value– Methodologically, the merit of the exercise lies in its approach toward the creation of “collectively subjective” weightings, and is valuable to policymakers and academics.

 Recent studies argue that the spread-adjusted Taylor rule (STR), which includes a response to the credit spread, replicates monetary policy in the United State. We show (1) STR is a theoretically optimal monetary policy under heterogeneous loan interest rate contracts in both discretionay and commitment monetary policies, (2) however, the optimal response to the credit spread is ambiguous given the financial market structure in theoretically derived STR, and (3) there, a commitment policy is effective in narrowing the credit spread when the central bank hits the zero lower bound constraint of the policy rate.

The need of institutional investors to evaluate the Corporate Governance (CG) practices of listed companies resulted in many attempts to construct the CG rating methodologies. This paper, in response to this situation, attempts to quantify the compliance of large capitalization Greek companies with international best practices. The methodology consists of a questionnaire reflecting the Greek CG code, which basically replicates the OECD principles. Other wellregarded CG codes are also taken into account. Then, a rating system based on CG indicators is constructed and applied for the years 2001 and 2003. The total rating results for the years 2001 and 2003 demonstrate a relatively satisfactory improvement. The highest compliance is in the category of shareholder rights, while weak compliance appears in the last category, which incorporates commitment to CG, CSR and the relations with shareholders. The exercise, using practically all agreed principles of the OECD, could demonstrate a reasonable degree of compliance of the average company rated. Its limitation in that respect is that it could not satisfy investigations on convergence. The indicators used are highly pertinent to measure compliance but not convergence, which is not within the initial targets and needs a longer time series analysis. The methodology is applied in a small open economy and may have significant implications in other similar capital markets. Methodologically, the merit of the exercise lies in its approach toward the creation of "collectively subjective" weightings, and is valuable to institutional investors, policymakers, regulators and academics. The upgrading of the Greeek capital market to a mature market status and the global competition for capital has boosted the CG debate in Greece. In addition, the recent corporate failures and financial scams around the world have increased awareness that proper CG is fundamental to the efficient operation of capital markets. The need of institutional investors to evaluate the CG practices of the listed companies resulted in many attempts to construct CG rating methodologies. This paper presents an attempt to quantify the compliance of large capitalization Greek companies with international best practices. Firstly, the literature on CG ratings is reviewed. Secondly, a brief history of the CG in Greece is presented. Then, the structure of our CG rating methodology and the results are described. Finally, the findings and proceedings with some critical points are summarized.

The paper presents an attempt to quantify the compliance of Greek companies with international best practices. Based on 37 indicators (composed out of 54 questions) it was found that Greek companies demonstrate a fairly satisfactory degree of compliance with OECD guidelines. Their weak points lie in: the role of stakeholders and corporate social responsibility; the organisation of CG; the effective role of the independent members of the board (which may be attributed to the small size of the pool of potential independent board members); disclosure of remuneration; and risk management. Methodologically, the merit of the exercise lies in its approach towards the creation of “collectively subjective” weightings, an effort to discuss the benefits of separating the rating of the market from the rating of companies and the discussion on typologies of work that can be effectively performed through rating exercises.

The European Union aims to become the most competitive and dynamic knowledge-based economy in the world by 2010. Nevertheless, half the Europe-25 Member States possess limited innovation capacities. This article argues that the co-evolution patterns of physical and social technologies indicate two possible scenarios: either the forward-looking elements will start a chain reaction mobilising the rest of the national system, as in Ireland; or the dynamic elements will integrate sectorally and transnationally to the global system, leaving the rest of the economy in a permanent low-cost and low-competitiveness trap. The former is a win-win scenario for the European system of innovation, whereas the latter is second-best.

This paper suggests that there is no universal model we can use to quantify the impact of R&D on growth and competitiveness. The design and effectiveness of policies are crucial in this relationship and their effects may be anything from a spectacular success to total misallocation of resources. Selected variables are suggested for benchmarking, such as business R&D, a good share of new-technology based (small) firms and bigger companies, the education and mobility of the labour force and the creation of effective intermediaries that facilitate interaction, as well as a process of restructuring. However, dangers are also associated with such a benchmarking approach, if recommendations neglect path dependencies and apparently best practices are transferred without adaptation.