Recent corporate governance developments in Greece

2014 ◽  
Vol 14 (3) ◽  
pp. 281-299 ◽  
Author(s):  
Michail Nerantzidis ◽  
John Filos
Keyword(s):  
Corporate Governance ◽  
Economic Crisis ◽  
Global Financial Crisis ◽  
High Mobility ◽  
State Level ◽  
Business Community ◽  
Economic Conditions ◽  
The European Union ◽  
Content Type ◽  
The Global Financial Crisis

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.

scholarly journals Evolution of German corporate governance (1995-2014): an empirical analysis

2019 ◽  
Vol 19 (5) ◽  
pp. 1042-1062
Author(s):  
Andreas Rühmkorf ◽  
Felix Spindler ◽  
Navajyoti Samanta
Keyword(s):  
Corporate Governance ◽  
Financial Crisis ◽  
Global Financial Crisis ◽  
Governance System ◽  
Content Type ◽  
Convergence Process ◽  
Corporate Governance System ◽  
Anglo American ◽  
The Stability ◽  
The Global Financial Crisis

Purpose This paper aims to address the evolution of corporate governance in Germany with a particular regard to whether there can be observed a gradual convergence to a shareholder primacy corporate governance system. Design/methodology/approach To investigate a potential shift of the German corporate governance system to an Anglo-American tiled corporate governance system, the authors have empirically assessed on a polynomial base 52 separate company and corporate governance variables for 20 years (1995-2014). Findings This research suggests that a gradual convergence has taken place prior to the global financial crisis. However, the results suggest that the convergence process experienced a slowdown in the aftermath of the global financial crisis, which may be linked to the stability of the German corporate governance system during the global financial crisis and the political environment during this time. Originality/value This paper contributes to the research by not only analysing the development of the German corporate governance system but also identifying new reasons for this development and explaining why a new convergence process may be observed in the future again.

Corporate governance, the GFC and independent directors

2015 ◽  
Vol 30 (4/5) ◽  
pp. 324-346 ◽  
Author(s):  
Belinda Rachael Williams ◽  
Simone Bingham ◽  
Sonia Shimeld
Keyword(s):  
Corporate Governance ◽  
Design Methodology ◽  
Global Financial Crisis ◽  
Good Governance ◽  
Board Composition ◽  
Content Type ◽  
Effective Governance ◽  
Analysis Techniques ◽  
The Global Financial Crisis ◽  
Made In

Purpose – The purpose of this study is to understand how board composition and independent non-executive director (INED) disclosures have changed in light of the global financial crisis (GFC) from an accountability perspective. Design/methodology/approach – Content analysis techniques were undertaken on a random sample of 75 publicly listed companies across two time periods, 2005 and 2010. Findings – The findings highlighted increased INED board membership and increased skill and experience disclosure across all board positions, with the most significant increase being the INED position. The results support the notion that firms are attempting to restore their accountability relationships post-GFC through more transparent mechanisms of governance. However, concerns are also raised in the way individual companies are meeting the ASX Corporate Governance independence requirements. Research limitations/implications – The results raise questions as to whether firms have implemented these changes to ensure effective governance and accountability responsibilities, or simply to give the appearance of good governance. Originality/value – Little attention has been given in the literature to the characteristics of INEDs and whether board changes have been made in the wake of corporate and financial crises. The findings from this study contribute to an understanding of board composition and disclosures pre- and post-GFC.

Framing and blaming in times of economic crisis

2014 ◽  
Vol 13 (4) ◽  
pp. 814-836 ◽  
Author(s):  
Jill C. Murray
Keyword(s):  
Life Cycle ◽  
Financial Crisis ◽  
Economic Crisis ◽  
Prime Minister ◽  
Global Financial Crisis ◽  
Diffusion Resistance ◽  
Critical Periods ◽  
Critical Approach ◽  
Content Type ◽  
The Global Financial Crisis

This article takes a critical approach to the language used by Australian politicians during the global financial crisis of 2007–8. Critical periods in history provide a rich substrate for the appearance of new expressions with the potential to frame the debate, influencing the ways events are interpreted and blame attributed. Passing unnoticed into usage, such memes have the potential to become part of unexamined background knowledge and covertly co-opt hearers and users into shared systems of value and belief. The study focusses on one specific neologism deployed by opposition politicians, firstly in an attempt to create the erroneous impression that a recession was occurring and secondly that it was the fault of the Australian Prime Minister, Kevin Rudd. Patterns of occurrence were tracked against local and international events, indicating a life cycle with several distinct phases: chance emergence, a strategic deployment, cross-genre diffusion, resistance and eventual rejection.

Legislative and regulatory responses to the global financial crisis from within the United Kingdom

2014 ◽  
Vol 21 (2) ◽  
pp. 124-148 ◽  
Author(s):  
Graeme Baber
Keyword(s):  
United Kingdom ◽  
Financial Crisis ◽  
Design Methodology ◽  
Global Financial Crisis ◽  
The European Union ◽  
Content Type ◽  
The United Kingdom ◽  
Economic Statistics ◽  
The Global Financial Crisis ◽  
The Uk

Purpose – The purpose of this paper is to report and review the legislative and regulatory responses to the global financial crisis (GFC) from within the United Kingdom (UK). Design/methodology/approach – The paper observes aspects of the effect of the GFC within the UK, using economic statistics and institutional case studies. It summarises the laws that the European Union (EU) and the UK have produced in the wake of the crisis and recommends approaches to be taken from this point. Findings – The regulators are putting in place a comprehensive, integrated framework, much of which is sensible in its content. However, this structure will be insufficient to re-establish the effective operation of the financial sector, unless firms comply with the rules and a “relationship culture” is developed. Research limitations/implications – It is not yet clear how the Prudential Regulation Authority (PRA) and the Financial Conduct Authority (FCA) will perform and coordinate. Originality/value – The paper presents a comprehensive review of relevant EU and UK legislation, thereby bringing readers up to date with the situation in the UK.

Corporate Governance of Financial Corporations

2020 ◽  
pp. 52-81
Author(s):  
Iris H-Y Chiu
Keyword(s):  
Corporate Governance ◽  
Internal Control ◽  
Global Financial Crisis ◽  
The European Union ◽  
Control Functions ◽  
The United Kingdom ◽  
Incentive Structures ◽  
The Global Financial Crisis ◽  
Excessive Risk Taking ◽  
Excessive Risk

This chapter critically discusses the relevance of conventional corporate governance paradigms for financial corporations, especially in the wake of the global financial crisis. Many banks that had apparently good systems of corporate governance according to conventional standards were financially impaired and criticised for having engaged in unchecked excessive risk-taking. Post-crisis reforms, especially those relating to regulation in the United Kingdom and the European Union, took the approach of directly regulating aspects of bank corporate governance including board responsibility, internal control functions, and bankers’ remuneration. However, these approaches are not extended to the general corporate sector as there are unique financial and incentive structures at financial corporations justifying such approaches, and the regulated financial corporations pose issues of systemic risk and public interest. The distinct regulatory regimes however still sit uneasily with conventional norms of shareholder-centred corporate governance, and this issue remains unresolved.

A new vision for internal audit

2015 ◽  
Vol 30 (1) ◽  
pp. 34-55 ◽  
Author(s):  
Andrew D. Chambers ◽  
Marjan Odar
Keyword(s):  
Corporate Governance ◽  
Financial Crisis ◽  
Public Interest ◽  
Global Financial Crisis ◽  
Internal Audit ◽  
Internal Auditing ◽  
Content Type ◽  
Internal Auditors ◽  
The Public ◽  
The Global Financial Crisis

Purpose – The purpose of this paper is to explore how internal auditing may recover from being one of the corporate governance gatekeepers that failed to prevent the global financial crisis. Design/methodology/approach – This paper draws on the theory of professions and provides a brief analysis of internal auditing history, ending with an appraisal of contemporary status. Findings – Internal auditing has not been “fit for purpose” and can be enhanced. Low expectations of internal audit are currently addressed by enhanced guidelines from a number of parties. Internal audit needs to move firmly into the corporate governance space – to audit corporate governance more effectively and to provide more dependable assurance to boards. Practical implications – The global Institute of Internal Auditors can use recent enhanced internal auditing guidelines as a springboard to regain their lead. Internal audit needs to cut the umbilical cord that ties it to management. The accepted “dual reporting” of internal audit is flawed. Social implications – Society cedes professional status to an occupational group when it is in society’s best interests to do so. An attribute of a profession is its accent on serving the public interest. It is unsatisfactory that, five years after the global financial crisis broke, the international Standards for internal auditing still do not articulate the correct professional conduct on making external disclosures in the public interest when internal auditors are aware of serious wrongdoing not satisfactorily addressed internally. Originality/value – This paper comprises a conceptual analysis to challenge the internal audit profession.

Corporate governance and performance of REITs

2018 ◽  
Vol 33 (6/7) ◽  
pp. 586-612 ◽  
Author(s):  
Jayalakshmy Ramachandran ◽  
Khoo Kok Chen ◽  
Ramaiyer Subramanian ◽  
Ken Kyid Yeoh ◽  
Kok Wei Khong
Keyword(s):  
Corporate Governance ◽  
Regression Analysis ◽  
Firm Size ◽  
Global Financial Crisis ◽  
Equation Modeling ◽  
Content Type ◽  
And Performance ◽  
The Global Financial Crisis ◽  
The Impact ◽  
The Relationship

PurposeThis study aims to investigate the relationship between corporate governance (CG) and performance of Real Estate Investment Trust (REITs) in Singapore and Malaysia.Design/methodology/approachThe CG attributes that contribute best toward R-Index scores are tested followed by analysis of whether R-Index scores contribute toward better performance of the REITs when controlled for growth, firm size and leverage. Regression analysis using structured equation modeling (SEM) is instituted.FindingsAll attributes in the R-Index except management ownership are significantly correlated to R-Index. Regression analysis using SEM reveals that all the three measures of performance are significant. When controlled for growth and firm size, CG mechanisms reduce the impact of losses. However, highly levered firms could be risky for investors despite strong CG mechanisms.Research limitations/implicationsAll S-REITs and M-REIT sampled were grouped as one regardless of the country differences, which may have limited the results and findings. The R-Index used to score the CG practices for Asia is still very new.Practical implicationsFindings of the study will help REIT policymakers to update scorecards frequently. Loss-making REITs must emphasize on specific CG attributes to enhance their overall CG scores to gain market confidence and procure financial assistance through better disclosure.Originality/valueDue to research scarcity on CG effectiveness associated with performance of Asian REITs after the global financial crisis, this study comes as a timely contribution in understanding the relationship between CG and performance of REITs.

Investors will step up corporate governance monitoring

2019 ◽  
Keyword(s):  
Corporate Governance ◽  
Global Financial Crisis ◽  
Socially Responsible ◽  
Content Type ◽  
Responsible Investment ◽  
Climate Risks ◽  
Ceo Pay ◽  
The Face ◽  
The Global Financial Crisis ◽  
First Time

Subject Corporate governance. Significance Policymakers in Europe are, for the first time, pressing institutional investors to police the capital market by exercising tools of stewardship. US policy has taken similar steps, and this top-down pressure is finding echoes at the grassroots level. Worldwide targets include the kind of systemic risk that sparked the global financial crisis and a host of socially unwelcome corporate traits including unethical behaviour, richly rewarding failing CEOs, lack of diversity on boards and passivity in the face of climate change threats. Impacts Some boards are already responding to the scale of investor transformation, but for many it may take a shareholder crisis to bring action. The responsible investment trend has momentum -- firm transparency and diversity will rise; climate risks and excessive CEO pay will fall. Boding well for the sector, surveys show socially responsible investment entices women and 'millennials' more than older savers.

scholarly journals Brexit: human resourcing implications

2019 ◽  
Vol 41 (5) ◽  
pp. 1033-1045 ◽  
Author(s):  
Maranda Ridgway
Keyword(s):  
Global Financial Crisis ◽  
Future Research ◽  
European Economic Area ◽  
The European Union ◽  
Skilled Workers ◽  
Theoretical Evaluation ◽  
Content Type ◽  
Global Recession ◽  
The Global Financial Crisis ◽  
The Uk

Purpose Three years on from the Brexit vote, while it remains a central topic for debate in the media, there has been limited discussion about the human resource (HR) implications. The purpose of this paper is to provide theoretical evaluation and informed discussion, distilled into four interconnected propositions, on how employee resourcing as a HR practice may be impacted following actual Brexit decisions. Design/methodology/approach Drawing on the employee resourcing literature, the paper adopts a discursive approach which examines how the UK’s decision to exit the European Union will affect HR practice. The paper draws comparison with the global recession since 2008, a similarly unprecedented development in its discussion of employee resourcing practices and draws parallels which may help to inform the future of HR practices in the UK, because of Brexit. Findings This paper offers a set of propositions; the flow of talent into the UK may become more restricted and reinvigorate the “war for talent” that followed the effects of the global financial crisis on the UK. To attract and retain workers in relatively lower-skilled roles, employers may be faced with a need to re-skill such roles and adopt more flexible working arrangements. Finally, to meet skilled employment requirements, removal of restrictions to recruit from within the European Economic Area may trigger increased global migration of skilled workers. Originality/value This paper contributes to the discussions regarding the implications of Brexit for HR practice by offering propositions to shape future research agendas.

Ocena antykryzysowej polityki gospodarczej Stanów Zjednoczonych i wybranych państw członkowskich Unii Europejskiej w latach 2005–2014

2016 ◽  
pp. 26-46
Author(s):  
Marcin Jan Flotyński
Keyword(s):  
United States ◽  
European Union ◽  
Financial Markets ◽  
Global Economy ◽  
Global Financial Crisis ◽  
The United States ◽  
The European Union ◽  
High Volatility ◽  
The Global Financial Crisis ◽  
Domestic Products

The global financial crisis in 2007–2009 began a period of high volatility on the financial markets. Specifically, it caused an increased amplitude of fluctuations of the level of gross domestic products, the level of investment and consumption and exchange rates in particular countries. To address the adverse market circumstances, governments and central banks took actions in order to bolster the weakening global economy. The aim of this article is to present the anti-crisis actions in the United States and selected member states of the European Union, including Poland, and an assessment of their efficiency. The analysis conducted indicates that generally the actions taken in the United States in response to the crisis were faster and more adequate to the existing circumstances than in the European Union.

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