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

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  • Themistokles Lazarides

Abstract

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.

Suggested Citation

  • Themistokles Lazarides, 2011. "Corporate governance legal and regulatory framework's effectiveness in Greece: A response," Journal of Financial Regulation and Compliance, Emerald Group Publishing, vol. 19(3), pages 244-253, July.
  • Handle: RePEc:eme:jfrcpp:v:19:y:2011:i:3:p:244-253
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    References listed on IDEAS

    as
    1. Prabirjit Sarkar & Ajit Singh, 2010. "Law, finance and development: further analyses of longitudinal data," Cambridge Journal of Economics, Oxford University Press, vol. 34(2), pages 325-346, March.
    2. Kaufmann, Daniel & Kraay, Aart & Mastruzzi, Massimo, 2007. "Governance Matters VI: Aggregate and Individual Governance Indicators, 1996-2006," Policy Research Working Paper Series 4280, The World Bank.
    3. 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," Working Papers wp358, Centre for Business Research, University of Cambridge.
    4. Harilaos Mertzanis, 2001. "Principles of Corporate Governance in Greece," Corporate Governance: An International Review, Wiley Blackwell, pages 89-100.
    5. 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, April.
    6. 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," Working Papers wp382, Centre for Business Research, University of Cambridge.
    7. repec:hrv:faseco:30747162 is not listed on IDEAS
    8. Sonja Fagernäs & Prabirjit Sarkar & Ajit Singh, 2008. "Legal Origin, Shareholder Protection and the Stock Market: New Challenges from Time Series Analysis," Chapters,in: The Economics of Corporate Governance and Mergers, chapter 2 Edward Elgar Publishing.
    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.
    10. Armour, J. & Deakin, S. & Mollica, V. & Siems, M.M., 2010. "Law and Financial Development: What we are learning from time-series evidence," Working Papers wp399, Centre for Business Research, University of Cambridge.
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    Keywords

    Corporate governance; Regulation; Greece;

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