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Corporate governance in Greece: developments and policy implications

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  • Spanos, Loukas

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.

Suggested Citation

  • Spanos, Loukas, 2005. "Corporate governance in Greece: developments and policy implications," MPRA Paper 42901, University Library of Munich, Germany.
  • Handle: RePEc:pra:mprapa:42901
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    File URL: https://mpra.ub.uni-muenchen.de/42901/1/MPRA_paper_42901.pdf
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    References listed on IDEAS

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    1. repec:hrv:faseco:30728046 is not listed on IDEAS
    2. Grossman, Sanford J & Hart, Oliver D, 1986. "The Costs and Benefits of Ownership: A Theory of Vertical and Lateral Integration," Journal of Political Economy, University of Chicago Press, vol. 94(4), pages 691-719, August.
    3. Paul Gompers & Joy Ishii & Andrew Metrick, 2003. "Corporate Governance and Equity Prices," The Quarterly Journal of Economics, Oxford University Press, vol. 118(1), pages 107-156.
    4. Rafael La Porta & Florencio Lopez-de-Silanes & Andrei Shleifer & Robert W. Vishny, 1998. "Law and Finance," Journal of Political Economy, University of Chicago Press, vol. 106(6), pages 1113-1155, December.
    5. Shleifer, Andrei & Vishny, Robert W, 1997. " A Survey of Corporate Governance," Journal of Finance, American Finance Association, vol. 52(2), pages 737-783, June.
    6. 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, January.
    7. 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.
    8. 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 301-325, June.
    9. Olli Castren & Tuomas Takalo, 2000. "Capital Market Development, Corporate Governance and the Credibility of Exchange Rate Pegs," Econometric Society World Congress 2000 Contributed Papers 0515, Econometric Society.
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    Citations

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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.

    More about this item

    Keywords

    Corporate governance; Disclosure; Corporate ownership; Greece;

    JEL classification:

    • G38 - Financial Economics - - Corporate Finance and Governance - - - Government Policy and Regulation
    • G3 - Financial Economics - - Corporate Finance and Governance
    • G30 - Financial Economics - - Corporate Finance and Governance - - - General

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