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Corporate Governance Rating and Family Firms: The Greek Case

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Author Info

  • Loukas Spanos

    (University of Athens Department of Economics)

  • Lena Tsipouri

    (University of Athens Department of Economics)

  • Manolis Xanthakis

    (University of Athens Department of Economics)

Abstract

Corporate governance (CG) studies have mostly focused on highly dispersed corporations. However, there is an important need for research exploring the governance structure of family-owned firms. The main characteristics that distinguish the family firm from the other types of corporations are the presence of one or more controlling family and the involvement of the owners in the management. Family firm is the most common form of business in Greece. Hence, the governance structures and the performance of the family firms affect the growth opportunities of the capital market. The aim of the paper is to explore the main aspects of CG of family-owned listed companies in Greece. For this purpose, we apply a specific CG rating methodology, using five core CG criteria to distinguish family from non-family firms: shareholders' rights and obligations; transparency, disclosure of information and auditing; board of directors; CEO and executive management and corporate social responsibility and corporate governance commitment. The overall research objective of the study is to develop a CG rating methodology on the current state of corporate governance in Greece. Each firm is rated among the 120 total number of companies (both family-owned and widely- held). The results disclose the potential strengths and weaknesses of the existing corporate governance framework of the family-owned firms and provide specific policy recommendations.

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File URL: http://128.118.178.162/eps/fin/papers/0503/0503011.pdf
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Bibliographic Info

Paper provided by EconWPA in its series Finance with number 0503011.

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Length: 17 pages
Date of creation: 10 Mar 2005
Date of revision:
Handle: RePEc:wpa:wuwpfi:0503011

Note: Type of Document - pdf; pages: 17. The authors are grateful to participants at the 2004 Family Firms and Corporate Governance Conference (Istanbul) for helpful comments and discussions. Loukas Spanos acknowledges financial support from the General Secretary of Research & Technology in Greece and the European Union.
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Web page: http://128.118.178.162

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Keywords: family firms; corporate governance rating; Greece;

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References

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  1. De Paola, Maria & Scoppa, Vincenzo, 2005. "The Role of Family Ties in the Labour Market. An Interpretation Based on Efficiency Wage Theory," MPRA Paper 8956, University Library of Munich, Germany.
  2. 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.
  3. 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.
  4. Oliver Hart & Sanford Grossman, 1985. "The Costs and Benefits of Ownership: A Theory of Vertical and Lateral Integration," Working papers 372, Massachusetts Institute of Technology (MIT), Department of Economics.
  5. Jensen, Michael C. & Meckling, William H., 1976. "Theory of the firm: Managerial behavior, agency costs and ownership structure," Journal of Financial Economics, Elsevier, vol. 3(4), pages 305-360, October.
  6. Faccio, Mara & Lang, Larry H. P., 2002. "The ultimate ownership of Western European corporations," Journal of Financial Economics, Elsevier, vol. 65(3), pages 365-395, September.
  7. Chad Leechor, 1999. "Protecting Minority Shareholders in Closely Held Firms," World Bank Other Operational Studies 11471, The World Bank.
  8. Rafael La Porta & Florencio Lopez-De-Silanes & Andrei Shleifer, 1999. "Corporate Ownership Around the World," Journal of Finance, American Finance Association, vol. 54(2), pages 471-517, 04.
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Cited by:
  1. 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.
  2. Spanos, Loukas & Mylonakis, John, 2006. "Internet corporate reporting in Greece," MPRA Paper 42997, University Library of Munich, Germany.

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