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A contribution to the study of corporate governance in the context of the Greek legal order

By Kyriaki Mavrommati


This thesis examines the corporate governance affairs within the specific framework of the Greek market. Corporate governance has become a major topic of debate and policy development in the world of business, policy makers, and academics around the globe. The increased attention to corporate governance is due to its legal, economic, and institutional significance to the effective functioning of markets and corporations operating thereof Likewise in Greece, although the corporate governance discussion is at an infant stage, yet there are some reasonable signs showing that the issue escalates on the agenda of boardrooms and policy makers. Notwithstanding that the thesis is informed by the principal agent theory, a more contextualised approach to it is adopted. This is so for confirming a key proposition of the thesis in that the diversity of corporate arrangements, specific corporate governance patterns, and approaches are mediated by their fit or alignment with situational variables arising in diverse organisational, corporate, and legal environments. By applying this contextualised approach, the Greek corporate governance attributes are identified, showing that although the Greek system has been influenced by other paradigms, yet situational variables and adaptations to domestic attributes make it a distinct, hybrid rules based system. Using statistics from two corporate governance surveys that measure the level of corporate governance of Greek corporations, a discrepancy between the objectives of the corporate governance standards, compliance, and actual governance efficiency is established. In explaining such discrepancy, this thesis goes further on providing in-depth reasoning upon the specific situational variables of the Greek corporations and the market as a whole. It is admitted that the tendency of the Greek regulator to legislate on corporate governance matters rather the issuing principles, has created an overly bureaucratic, rigid, and inflexible legal framework. In addition, problems with implementation and enforcement of corporate governance requirements have been identified and their prevalence is explained by country-specific attributes. The overarching objective of this thesis is that the identification of those situational variables - that to some certain extent restrain the fulfilment of the corporate governance objectives- becomes a useful tool for policy makers and corporations' themselves in generating realistic and effective measures that need be taken if governance efficiency is to be strengthened. The establishment of a strong, efficient, honest governance system shall be an ongoing priority for both firms and the Greek market. Moving towards governance efficiency from the deeply rooted, country specific deficiencies of Greek corporations and the market, will inevitably be a long run, perhaps never ending process, in which both the substance and the sequencing of policies will be important

Topics: HD, K1
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