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Recent corporate governance developments in Greece

Michail Nerantzidis (PhD Candidate in Corporate Governance, based at the Department of Public Administration, Panteion University of Social and Political Sciences, Athens, Greece)
John Filos (Assistant Professor, based at the Department of Public Administration, Panteion University of Social and Political Sciences, Athens, Greece)

Corporate Governance

ISSN: 1472-0701

Article publication date: 27 May 2014

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Abstract

Purpose

This study aims to investigate the recent corporate governance (CG) developments in Greece. The recent economic crisis of Greece has caused very high mobility, both at a state level by imposing a new Greek regulation in capital market and at a level of associations in Greece by recommending new voluntary codes on CG. Both the new economic conditions in the world economy after the global financial crisis of 2007-2010 and the 2009 economic crisis in Greece provide a valuable opportunity to study the CG and regulatory aspects of CG in Greece.

Design/methodology/approach

This study has three objectives, namely, to present the reasons which lead the business community in Greece to reconsider existing CG practices and outline the main aspects; to locate the current CG developments and trends in Greece in the last decade (2002-2011), especially in the light of the recent debate between various voluntary codes that have lately been proposed; and, finally, to highlight the efforts that have been made so far by companies to comply with the expanding body of CG best practices and Greek legislation.

Findings

The main finding is that the development of regulatory reforms and practices on CG is a process based on the European Union directives.

Practical implications

The improvement of legal, institutional and regulatory framework of CG in Greece can attract new investors.

Originality/value

This paper re-examines the value of CG in Greece under the new economic conditions.

Keywords

Citation

Nerantzidis, M. and Filos, J. (2014), "Recent corporate governance developments in Greece", Corporate Governance, Vol. 14 No. 3, pp. 281-299. https://doi.org/10.1108/CG-10-2011-0080

Publisher

:

Emerald Group Publishing Limited

Copyright © 2014, Emerald Group Publishing Limited

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