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Corporate governance in Greece: developments and policy implications

Author

Listed:
  • Loukas Spanos

    (National & Kapodistrian University of Athens, Dept. of Economics)

Abstract
The upgrading of the Greek capital market and the effort to join other mature capital markets has posed corporate governance reform as a first priority. In addition, the 2004 Olympic Games put the Greek market in the international spotlight and will likely invite interest from foreign investors. More than ever, an efficient corporate governance framework is condition sine qua non for the competitive transformation of the capital market and the business world. At the same time the European Union (EU) faces both the pressure and challenge for harmonization of the laws and regulations and convergence of corporate governance systems, especially after the entrance of the new member states. The paper has two objectives: (i) to present the main aspects of corporate governance in Greece, contributing to the relevant growing body of literature, and (ii) to place the current corporate governance developments and trends in Greece within the international debate, especially in the light of the recent debate to improve and convergence corporate governance in EU. Firstly, I review the corporate governance debate and its implication at the EU level. Secondly, I describe the corporate governance framework in Greece in the light of the recent key reforms. Finally, I summarize the overall findings and proceed with some critical points and recommendations for the potential future direction of the corporate governance agenda in Greece.

Suggested Citation

  • Loukas Spanos, 2005. "Corporate governance in Greece: developments and policy implications," Finance 0502017, University Library of Munich, Germany.
  • Handle: RePEc:wpa:wuwpfi:0502017
    Note: Type of Document - pdf; pages: 24
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    File URL: https://econwpa.ub.uni-muenchen.de/econ-wp/fin/papers/0502/0502017.pdf
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    References listed on IDEAS

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    Cited by:

    1. Puneeta Goel, 2018. "Implications of corporate governance on financial performance: an analytical review of governance and social reporting reforms in India," Asian Journal of Sustainability and Social Responsibility, Springer, vol. 3(1), pages 1-21, December.
    2. repec:mth:ijafr8:v:8:y:2018:i:4:p:100-114 is not listed on IDEAS
    3. Iuliana Oana MIHAI, 2013. "The Influence of Corporate Governance and Ownership Concentration on Company Performance - Evidence from Bucharest Stock Exchange," Economics and Applied Informatics, "Dunarea de Jos" University of Galati, Faculty of Economics and Business Administration, issue 3, pages 79-88.
    4. Maria Tsipouridou & Charalambos Spathis, 2014. "Audit opinion and earnings management: Evidence from Greece," Accounting Forum, Taylor & Francis Journals, vol. 38(1), pages 38-54, March.
    5. George Drogalas & Michail Nerantzidis & Dimitrios Mitskinis & Ioannis Tampakoudis, 2021. "The relationship between audit fees and audit committee characteristics: evidence from the Athens Stock Exchange," International Journal of Disclosure and Governance, Palgrave Macmillan, vol. 18(1), pages 24-41, March.
    6. Nicole Mueni Muia & Julius Kahuthia Mwangi & John Muhoho, 2020. "Board Behavior and Corporate Performance: A Case of African Guarantee Fund for Small and Medium-Sized Enterprises," International Journal of Research and Innovation in Social Science, International Journal of Research and Innovation in Social Science (IJRISS), vol. 4(7), pages 232-239, July.
    7. Ali, Amjad & Alim, Wajid & Ahmed, Jawad & Nisar, Sabahat, 2021. "Impact of Corporate Governance on Performance: A Study of Listed Firms in Pakistan," MPRA Paper 111299, University Library of Munich, Germany.
    8. Themistokles Lazarides, 2010. "Corporate governance law effect in Greece," Journal of Financial Regulation and Compliance, Emerald Group Publishing Limited, vol. 18(4), pages 370-385, November.
    9. Spanos, Loukas & Tsipouri, Lena & Xanthakis, Manolis, 2006. "Corporate governance rating in a small open capital market: Methodology and applications in the Greek market," MPRA Paper 42896, University Library of Munich, Germany.
    10. Michail Nerantzidis, 2018. "The role of weighting in corporate governance ratings," Journal of Management & Governance, Springer;Accademia Italiana di Economia Aziendale (AIDEA), vol. 22(3), pages 589-628, September.
    11. John Theodore, 2021. "The State Of Private Greek Enterprises During The 1960-2010 Period," Review of Business and Finance Studies, The Institute for Business and Finance Research, vol. 12(1), pages 41-50.
    12. Iuliana Oana MIHAI & Riana Iren RADU, 2015. "Accounting Treatment for Separate and Consolidated Financial Statements," Economics and Applied Informatics, "Dunarea de Jos" University of Galati, Faculty of Economics and Business Administration, issue 2, pages 140-145.
    13. Amjad Ali & Wajid Alim & Jawad Ahmed & Sabahat Nisar, 2022. "Yoke of corporate governance and firm performance: A study of listed firms in Pakistan," Indian Journal of Commerce and Management Studies, Educational Research Multimedia & Publications,India, vol. 13(1), pages 08-17, January.
    14. Spanos, Loukas & Mylonakis, John, 2006. "Internet corporate reporting in Greece," MPRA Paper 42997, University Library of Munich, Germany.
    15. Vasiliki Bazdekidu, 2015. "Corporate management in Greece in the context of debt crisis," Economic Thought journal, Bulgarian Academy of Sciences - Economic Research Institute, issue 6, pages 91-105.
    16. Sarra Elleuch Hamza & Mouna Ben Ahmed Hedrich, 2008. "Les déterminants de la divulgation des informations financières via Internet adoptée par les entreprises tunisiennes : une démarche qualitative et quantitative," Post-Print halshs-00524888, HAL.
    17. Christina Vadasi & Michalis Bekiaris & Andreas Andrikopoulos, 2021. "Internal Audit Function Quality and Corporate Governance: The Case of Greece," Multinational Finance Journal, Multinational Finance Journal, vol. 25(1-2), pages 1-61, March - J.
    18. Ancuta Alina Gheorghe & Moisescu Florentina, 2017. "Study Regarding The Financial Reporting Of Intangible Assets. Case Of Romanian Pharmaceutical Industry," Management Strategies Journal, Constantin Brancoveanu University, vol. 35(1), pages 163-172.
    19. Iuliana Oana MIHAI, 2014. "A Literature Review of Foreign Ownership and Company Performance," Economics and Applied Informatics, "Dunarea de Jos" University of Galati, Faculty of Economics and Business Administration, issue 2, pages 75-82.
    20. Tsipouridou, Maria & Spathis, Charalambos, 2012. "Earnings management and the role of auditors in an unusual IFRS context: The case of Greece," Journal of International Accounting, Auditing and Taxation, Elsevier, vol. 21(1), pages 62-78.

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    More about this item

    Keywords

    Corporate governance; rating; disclosure; ownership; Greece;
    All these keywords.

    JEL classification:

    • G - Financial Economics

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