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Corporate governance in Greece: developments and policy implications

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  • Spanos, Loukas
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    Abstract

    This paper provides a comprehensive overview of corporate governance (CG) developments in Greece and has two objectives: to enrich the debate in this area and to contribute to the increasing literature by presenting the main aspects of the Greek CG framework; and to place the current CG developments and trends in Greece within the international debate, especially in the light of the recent debate to improve and convergence CG in the EU. First, reviews the evolution of the CG debate in Greece and its implication at the EU level. Second, provides a short view of the institutional-economic environment in Greece, as it influences corporate governance practices. Then analyzes the CG mechanisms in the light of the recent key reforms. Finally, summarizes the findings and proceeds with some critical points and recommendations. The general finding is that the development of regulatory reforms was mostly an endogenous process influenced mainly by the speculative events in the Greek capital market during 1999. The evolution of the Greek CG may have significant implication, such as that the Greek market is a newly mature euro-area market and CG is supposed to be a key factor for the competitive transformation of the capital market and the business world. In addition, the evolutionary path of CG in Greece may have significant implication for the new EU member states. The paper shows how the CG practices evolve in a small open economy influenced by speculative events and is valuable to policymakers, regulators and academics.

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    File URL: http://mpra.ub.uni-muenchen.de/42901/
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    Bibliographic Info

    Paper provided by University Library of Munich, Germany in its series MPRA Paper with number 42901.

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    Date of creation: Jan 2005
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    Publication status: Published in Corporate Governance: The International Journal of Business in Society 1.5(2005): pp. 15-30
    Handle: RePEc:pra:mprapa:42901

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    Related research

    Keywords: Corporate governance; Disclosure; Corporate ownership; Greece;

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    References

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    1. Johnson, Simon & Boone, Peter & Breach, Alasdair & Friedman, Eric, 2000. "Corporate governance in the Asian financial crisis," Journal of Financial Economics, Elsevier, vol. 58(1-2), pages 141-186.
    2. Fama, Eugene F & Jensen, Michael C, 1983. "Separation of Ownership and Control," Journal of Law and Economics, University of Chicago Press, vol. 26(2), pages 301-25, June.
    3. Andrei Shleifer & Robert W. Vishny, 1995. "A Survey of Corporate Governance," Harvard Institute of Economic Research Working Papers 1741, Harvard - Institute of Economic Research.
    4. Black, Bernard, 2001. "The corporate governance behavior and market value of Russian firms," Emerging Markets Review, Elsevier, vol. 2(2), pages 89-108, June.
    5. Castrén, Olli & Takalo, Tuomas, 2000. "Capital market development, corporate governance and the credibility of exchange rate pegs," Working Paper Series 0034, European Central Bank.
    6. Rafael LaPorta & Florencio Lopez de-Silanes & Andrei Shleifer & Robert W. Vishny, 1996. "Law and Finance," Harvard Institute of Economic Research Working Papers 1768, Harvard - Institute of Economic Research.
      • Rafael LaPorta & Florencio Lopez-de-Silanes & Andrei Shleifer & Robert W. Vishny, . "Law and Finance," Working Paper 19451, Harvard University OpenScholar.
      • Rafael La Porta & Florencio Lopez-de-Silane & Andrei Shleifer & Robert W. Vishny, 1996. "Law and Finance," NBER Working Papers 5661, National Bureau of Economic Research, Inc.
      • La Porta, Rafael & Lopez-de-Silanes, Florencio & Shleifer, Andrei & Vishny, Robert W., 1998. "Law and Finance," Scholarly Articles 3451310, Harvard University Department of Economics.
    7. Lena Tsipouri & Manolis Xanthakis, 2004. "Can Corporate Governance be Rated? Ideas based on the Greek experience," Corporate Governance: An International Review, Wiley Blackwell, vol. 12(1), pages 16-28, 01.
    8. Grossman, Sanford J & Hart, Oliver, 1985. "The Cost and Benefits of Ownership: A Theory of Vertical and Lateral Integration," CEPR Discussion Papers 70, C.E.P.R. Discussion Papers.
    9. Paul Gompers & Joy Ishii & Andrew Metrick, 2003. "Corporate Governance And Equity Prices," The Quarterly Journal of Economics, MIT Press, vol. 118(1), pages 107-155, February.
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    Cited by:
    1. 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.
    2. Themistokles Lazarides, 2010. "Corporate governance law effect in Greece," Journal of Financial Regulation and Compliance, Emerald Group Publishing, vol. 18(4), pages 370-385, November.

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