scholarly journals Corporate governance reforms in Greece and Cyprus

2009 ◽  
Vol 7 (1) ◽  
pp. 173-191 ◽  
Author(s):  
Marina Stefou
Keyword(s):  
Corporate Governance ◽  
Best Practices ◽  
Good Governance ◽  
Legal Framework ◽  
Company Law ◽  
Geographical Proximity ◽  
Cultural Aspects ◽  
Corporate Governance Reforms ◽  
European Corporate Governance ◽  
Governance Reforms

The recent International and European reforms concerning corporate governance and the need for effective capital markets “dictated” a reform in company law and corporate governance regimes in Greece and Cyprus. The latter are both small or medium sized markets, based on family owned companies and banks. Despite the cultural link between the aforesaid countries and their geographical proximity, their approach towards the adoption of corporate governance principles and best practices is not similar and depicts a difference due to historical and political reasons. This paper has two objectives, namely: i) to present the main aspects of corporate governance in Greece and Cyprus and the basic legal framework implementing the fundamental principles of good governance and ii) to attend an evaluation of these regimes and integrate them within the international and European debate of reforming corporate governance, while in the meantime, to strike out the different choice of legal tools in implementing corporate governance. Firstly, I will review the Greek corporate governance legal framework. Secondly, I will describe the equivalent regime in Cyprus and finally, I will summarize the overall findings in an attempt to compare and assess them in a more critical way, with reference to cultural aspects of corporate governance and as regards the international and European corporate governance framework applied.

An assessment of corporate governance reforms in Italy based on a comparative analysis of earnings management

2014 ◽  
Vol 14 (3) ◽  
pp. 407-423 ◽  
Author(s):  
Domenico Campa ◽  
Ray Donnelly
Keyword(s):  
Corporate Governance ◽  
Earnings Management ◽  
Good Governance ◽  
Firm Level ◽  
Content Type ◽  
Good Corporate Governance ◽  
The Uk ◽  
The Impact ◽  
Corporate Governance Reforms ◽  
Governance Reforms

Purpose – The purpose of this paper is to evaluate the impact of corporate governance reforms in Italy. Design/methodology/approach – The authors argue that the effectiveness of corporate governance can best be assessed with reference to the choices made by management or controlling shareholders. They use the curtailment of earnings management as a desirable and measureable outcome of good corporate governance to assess Italy’s progress since the 1990s. The UK is used as a reference point because it is a European Union (EU) economy of comparable size and there is evidence that its firms managed earnings to a much lesser extent than their counterparts in Italy in the 1990s. A matched sample of UK and Italian firms was used for the empirical analysis. Findings – It was found that in contrast to the situation in the 1990s, firms in Italy do not manage earnings to a greater extent than their UK counterparts after the corporate governance reforms. In addition, firm-level governance has a greater effect on earnings management in Italy than in the UK. The authors attribute this to firm-level governance compensating for deficiencies in national institutions. Research limitations/implications – The restriction of earnings management is just one positive consequence of good governance. Other positive outcomes require to be studied to form a complete picture of the impact of governance reforms in Italy. Originality/value – This paper is the first to use an outcome-driven approach to evaluate the impact of governance reforms.

scholarly journals Corporate Governance Reforms in Nigeria: Challenges and Suggested Solutions

2011 ◽  
Vol 6 (1) ◽  
Author(s):  
Ayodele Adelaja Adekoya
Keyword(s):  
Corporate Governance ◽  
Best Practices ◽  
Moral Education ◽  
Fiscal Federalism ◽  
Whistle Blowing ◽  
Regulatory Frameworks ◽  
Political Patronage ◽  
Code Of Corporate Governance ◽  
Corporate Governance Reforms ◽  
Governance Reforms

This paper examines the challenges to corporate governance reforms in Nigeria from the promulgation of the Corporate and Allied Matters Act of 1990, the introduction of the 2003 Security and Exchange Commission (SEC) code of best practices in corporate governance to the 2006 Central Bank of Nigeria(CBN) code of corporate governance for banks in Nigeria. It uses related literature to review and discuss the identified challenges. It discovers that some of the challenges to corporate governance reforms in Nigeria stem from the country’s culture of institutionalized corruption and political patronage which is characterized by weak regulatory frameworks and refusal of government agencies to enforce and monitor compliance. The complexity of these challenges are compounded by the wide spread poverty and high unemployment which discourages a culture of whistle blowing. A set of suggested solutions were made including the separation of business from politics, the establishment of a special corporate affairs tribunals within the judiciary to try violators, promoting the culture of whistle blowing, enhancing business through moral education and promoting resource based development through fiscal federalism.

Economic role of politics and corporate governance: reforms captured in Malaysia’s setting

2017 ◽  
Vol 59 (6) ◽  
pp. 839-853 ◽  
Author(s):  
Nurul Nazlia Jamil
Keyword(s):  
Corporate Governance ◽  
Emerging Market ◽  
Political Influence ◽  
Political Agenda ◽  
The Political ◽  
Content Type ◽  
Economic Role ◽  
Corporate Governance Reforms ◽  
Governance Reforms

Purpose This study aims to examine the economic role of politics on corporate governance reforms in one of emerging market, namely, Malaysia. Design/methodology/approach The paper is based upon a literature review analysis. Findings The Malaysian economic, political and social settings have resulted in undue state and detrimental political influence on business, and yet the corporate governance reforms undertaken seemed not be able to resolve the matter. It is suggesting that it would be beneficial for Malaysia to have more independent regulatory bodies representing a wide variety of stakeholders to improve the transparency and accountability to ensure that the reforms are effectively enforced without conflicting with the political agenda. Legal institutional reforms also may be needed to improve the structure, capacity and performance of judicial system, as it is capable to capture reliance of economic role of politics and promoting accountability in Malaysia. Research limitations/implications The economic role of politics on corporate governance reforms is merely to broaden the political strategy in the corporate sector as the change in politics can improve the effectiveness of corporate governance reforms. Moreover, the economic role of politics raises the tone of the corporate governance reforms, and it implies that policymakers need to have effective corporate governance strategy in dealing with the reforms initiatives in areas that have strong political interventions. Originality/value Regulatory and judicial implications are offered as a means to improve corporate governance in Malaysia.

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