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Corporate governance in Greece: developments and policy implications

Author

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  • Loukas Spanos

    (National & Kapodistrian University of Athens, Dept. of Economics)

Abstract

The upgrading of the Greek capital market and the effort to join other mature capital markets has posed corporate governance reform as a first priority. In addition, the 2004 Olympic Games put the Greek market in the international spotlight and will likely invite interest from foreign investors. More than ever, an efficient corporate governance framework is condition sine qua non for the competitive transformation of the capital market and the business world. At the same time the European Union (EU) faces both the pressure and challenge for harmonization of the laws and regulations and convergence of corporate governance systems, especially after the entrance of the new member states. The paper has two objectives: (i) to present the main aspects of corporate governance in Greece, contributing to the relevant growing body of literature, and (ii) to place the current corporate governance developments and trends in Greece within the international debate, especially in the light of the recent debate to improve and convergence corporate governance in EU. Firstly, I review the corporate governance debate and its implication at the EU level. Secondly, I describe the corporate governance framework in Greece in the light of the recent key reforms. Finally, I summarize the overall findings and proceed with some critical points and recommendations for the potential future direction of the corporate governance agenda in Greece.

Suggested Citation

  • Loukas Spanos, 2005. "Corporate governance in Greece: developments and policy implications," Finance 0502017, EconWPA.
  • Handle: RePEc:wpa:wuwpfi:0502017
    Note: Type of Document - pdf; pages: 24
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    File URL: http://econwpa.repec.org/eps/fin/papers/0502/0502017.pdf
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    References listed on IDEAS

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    Citations

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    Cited by:

    1. Spanos, Loukas & Mylonakis, John, 2006. "Internet corporate reporting in Greece," MPRA Paper 42997, University Library of Munich, Germany.
    2. Vasiliki Bazdekidu, 2015. "Corporate management in Greece in the context of debt crisis," Economic Thought journal, Bulgarian Academy of Sciences - Economic Research Institute, issue 6, pages 91-105.
    3. 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.
    4. Iuliana Oana MIHAI, 2013. "The Influence of Corporate Governance and Ownership Concentration on Company Performance - Evidence from Bucharest Stock Exchange," Economics and Applied Informatics, "Dunarea de Jos" University of Galati, Faculty of Economics and Business Administration, issue 3, pages 79-88.
    5. Iuliana Oana MIHAI, 2014. "A Literature Review of Foreign Ownership and Company Performance," Economics and Applied Informatics, "Dunarea de Jos" University of Galati, Faculty of Economics and Business Administration, issue 2, pages 75-82.
    6. 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.
    7. 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.
    8. Iuliana Oana MIHAI & Riana Iren RADU, 2015. "Accounting Treatment for Separate and Consolidated Financial Statements," Economics and Applied Informatics, "Dunarea de Jos" University of Galati, Faculty of Economics and Business Administration, issue 2, pages 140-145.

    More about this item

    Keywords

    Corporate governance; rating; disclosure; ownership; Greece;

    JEL classification:

    • G - Financial Economics

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