Recent corporate governance developments in Greece
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