Corporate governance legal and regulatory framework's effectiveness in Greece. A response
| Pages | 244-253 |
| DOI | https://doi.org/10.1108/13581981111147874 |
| Date | 26 July 2011 |
| Published date | 26 July 2011 |
| Author | Themistokles Lazarides |
| Subject Matter | Accounting & finance |
Corporate governance legal
and regulatory framework’s
effectiveness in Greece
A response
Themistokles Lazarides
Department of Applied Informatics in Administration and Economy,
Technological Institute of West Macedonia, Grevena, Greece
Abstract
Purpose – The purpose of the paper is to address the issues raised by the author of the paper
“The effectiveness of corporate governance in Greece”.
Design/methodology/approach – The issues are addressed point by point using additional data,
references and analysis.
Findings – The paper pinpoints the sources of ineffectiveness of the Law 3016/2002 and states that
there is a need for a new set of principles and laws that focus on the real issues of corporate governance
in countries like Greece.
Research limitations/implications – To fully comprehend the nature and dynamics of corporate
governance issues a survey and analysis broader in scope, more holistic and without any
prepossessions must be contacted.
Practical implications – The study provides evidence to policy makers that the previous initiatives
were ineffective and a new initiative is imperative in order to establish balance and create the
conditions for capital market development.
Originality/value – The paper questions the argument that convergence may be accomplished by
the enactment of laws alone and contributes to the growing body of literature that supports the notion
that convergence may be accomplished only by the convergence of more fundamental characteristics
of a country.
Keywords Corporate governance, Regulation, Greece
Paper type Research paper
1. Introduction
I would like to thank the editor of the journal for the opportunity to have a dialogue
regarding the effectiveness of corporate governance in Greece. Greece is a country that
has the same characteristics of business environment with other countries of
South Europe like Italy, Spain and Portugal, and a dialogue will contribute to the
understanding of the specific characteristics of corporate governance in these coun tries.
Recent events and the financial crisis have or should have shift focus on these
countries. The promise or curse of globalization has interconnected all economies. The
economic environment of one country, even if this economy is relatively small in terms
of gross domestic product, effects directly and indirectly the global economy as a
whole. In this economic environment, corporate governance systems and their
differences are important in understanding the mechanisms of economic interface.
As Kirkpatrick (2009, p. 3) argues “corporate governance deficiencies may not have
been causal in a strict sense. Rather, they facilitated or did not prevent practices that
The current issue and full text archive of this journal is available at
www.emeraldinsight.com/1358-1988.htm
JFRC
19,3
244
Journal of Financial Regulation and
Compliance
Vol. 19 No. 3, 2011
pp. 244-253
qEmerald Group Publishing Limited
1358-1988
DOI 10.1108/13581981111147874
To continue reading
Request your trial