Corporate governance : getting us in and out of the greek economic crisis
Chitzi, Ioanna
The main research question of the present work, is whether the lack and absence of a Corporate Governance framework in Greece, has contributed to the current financial crisis, and by implication, the introduction and implementation of a corporate governance framework can play a key role in helping companies and the country to exit the crisis. The necessary research for this Business Project was carried out following a quantitative approach. A model questionnaire was developed, pilot tested and distributed to a network of companies, belonging to the Insurance, Banking, Pharmaceutical, Engineering Consulting industries and the National Health System. The obtained data was processed using the Microsoft Excel program. The research’s findings revealed a low level of awareness concerning Corporate Governance Practices (Law 3873/2010 and SEV’s 2011 Code). Furthermore, the results showed that Corporate Governance practices with regard to Annual Reporting and disclosure of information have started being implemented but not widely enough yet. Lastly, it was deduced that people perceive Corporate Governance as a driving force with regard to the current financial crisis, especially, as far as the public sector is concerned. In conclusion, Greece has started implementing competent corporate governance, nevertheless, the liberation from family ownership patterns is considered critical in allowing for more independent boards and dissemination of power and control.
