Estimating a corporate governance index for companies in Greece

European countries have gone through serious efforts to overcome the financial crisis and special measures had to be taken in order to limit the negative impact on businesses and stabilize a healthy economic environment for the single market. The specific governmental policies aimed to keep under control the effects of the crisis and relaunch the economic growth, but they were unpopular among a part of the European citizens. The economic situation forced most managers of private companies to rethink the business strategy and restructure the activity. Lately, Greece has been going through a difficult period, as the crisis worsened the economic situation of the country. The population did not welcome the drastic economic measures which were proposed by IMF and institutional creditors and this conflict almost lead to national insolvency. The problems of Greece are deeply rooted in the business models and economic philosophy. This paper has the purpose of analyzing the corporate governance regulation and practices in Greece and to determine whether it is possible to enhance business profitability and stability by enforcing a better legal framework in the area of corporate governance. The research focuses on the calculation of a corporate governance index for a selection of Greek companies form different sectors of activity (oil &gas, telecommunications, beverages) and the analysis of the results may lead to the identification of weaknesses in this domain. Improvements in the corporate governance practices are considered to lead to enhancing business stability and sustainability. The methodology for calculating the corporate governance index is adapted for Greek companies and is in accordance with the provisions of the Hellenic Corporate Governance Code.