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Corporate governance legal and regulatory framework's effectiveness in Greece: A response

  • Themistokles Lazarides
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    Purpose – The purpose of the paper is to address the issues raised by the author of the paper “The effectiveness of corporate governance in Greece”. Design/methodology/approach – The issues are addressed point by point using additional data, references and analysis. Findings – The paper pinpoints the sources of ineffectiveness of the Law 3016/2002 and states that there is a need for a new set of principles and laws that focus on the real issues of corporate governance in countries like Greece. Research limitations/implications – To fully comprehend the nature and dynamics of corporate governance issues a survey and analysis broader in scope, more holistic and without any prepossessions must be contacted. Practical implications – The study provides evidence to policy makers that the previous initiatives were ineffective and a new initiative is imperative in order to establish balance and create the conditions for capital market development. Originality/value – The paper questions the argument that convergence may be accomplished by the enactment of laws alone and contributes to the growing body of literature that supports the notion that convergence may be accomplished only by the convergence of more fundamental characteristics of a country.

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    Article provided by Emerald Group Publishing in its journal Journal of Financial Regulation and Compliance.

    Volume (Year): 19 (2011)
    Issue (Month): 3 (July)
    Pages: 244-253

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    Handle: RePEc:eme:jfrcpp:v:19:y:2011:i:3:p:244-253
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    1. Armour, J. & Deakin, S. & Mollica, V. & Siems, M.M., 2010. "Law and Financial Development: What we are learning from time-series evidence," ESRC Centre for Business Research - Working Papers wp399, ESRC Centre for Business Research.
    2. Harilaos Mertzanis, 2001. "Principles of Corporate Governance in Greece," Corporate Governance: An International Review, Wiley Blackwell, vol. 9(2), pages 89-100, 04.
    3. John Armour & Simon Deakin & Priya Lele & Mathias Siems, 2009. "How Do Legal Rules Evolve? Evidence from a cross-country Comparison of Shareholder, Creditor and Worker Protection," ESRC Centre for Business Research - Working Papers wp382, ESRC Centre for Business Research.
    4. John Armour & Simon Deakin & Prabirjit Sarkar & Mathias Siems & Ajit Singh, 2007. "Shareholder Protection and Stock Market Development: An Empirical Test of the Legal Origins Hypothesis," ESRC Centre for Business Research - Working Papers wp358, ESRC Centre for Business Research.
    5. Sonja Fagernäs & Prabirjit Sarkar & Ajit Singh, 2007. "Legal Origin, Shareholder Protection and the Stock Market: New Challenges from Time Series Analysis," ESRC Centre for Business Research - Working Papers wp343, ESRC Centre for Business Research.
    6. Rafael La Porta & Florencio Lopez-de-Silanes & Andrei Shleifer, 1998. "Corporate Ownership Around the World," Harvard Institute of Economic Research Working Papers 1840, Harvard - Institute of Economic Research.
    7. Prabirjit Sarkar & Ajit Singh, 2009. "Law, Finance and Development Further Analyses of Longitudinal Data," ESRC Centre for Business Research - Working Papers wp387, ESRC Centre for Business Research.
    8. Kaufmann, Daniel & Kraay, Aart & Mastruzzi, Massimo, 2008. "Governance matters VII : aggregate and individual governance indicators 1996-2007," Policy Research Working Paper Series 4654, The World Bank.
    9. 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.
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