Corporate governance for Athens Stock Exchange listed firms

Theognosia Tellidou, Chris Grose, Persefoni Polychronidou, Theodore Kargidis, Stergios Anatolitis


The present paper focuses on the level of compliance and application of corporate governance from the corporations listed in the Athens Stock Exchange (A.S.E.) and attempts to highlight improvements from the adoption of best practices suggested by corporate governance recent trends worldwide. In order for the research to be conducted, a series of qualitative and quantitative variables were used, as derived from the financial statements of 162 public companies. A more extensive analysis regarding the level of compliance with corporate governance was conducted in 25 companies with the highest and 25 corporations with the lowest score, whose classification in these positions was the result of a rating system that was created for this purpose.


Corporate governance, Greek Code of Corporate Governance, Sarbanes - Oxley Act, Agency Theory, Rating System

JEL Codes

G10, G23,

Full Text:



Aghimien, P., 2010. The impact of Sarbanes Oxley Act on International Accounting and Multinational Enterprises. International Journal of Business, Accounting, & Finance, 4(2), 102-117.

Arnold, B., and De Lange, P., 2004. Enron: an examination of agency problems. Critical Perspectives on Accounting, 15(6-7), 751-765. doi:

Carcello, J. V., Hermanson, D. R., and Ye, Z. S., 2011. Corporate Governance Research in Accounting and Auditing: Insights, Practice Implications, and Future Research Directions. AUDITING: A Journal of Practice & Theory, 30(3), 1-31. doi:

Chavan, M., 2009. The balanced scorecard: a new challenge. Journal of Management Development, 28(5), 393-406. doi:

Coates, J. C., 2007. The goals and promise of the Sarbanes-Oxley Act. Journal of Economic Perspectives, 21(1), 91-116. doi:

Garneau, V., and Shahid, A., 2009. The Sarbanes-Oxley Act of 2002: A redundant regulation for the banking industry. Journal of Banking Regulation, 10, 285-299. doi:

Gounaridi, P., 2011. Indicators Corporate Governance –Model Measurement and Assessment "ScoreCard" of Corporate Governance in Greek Listed ASE Companies. Panteion University of Social and Political Sciences.

Gutierrez, I., and Surroca, J., 2014. Revisiting corporate governance through the lens of the Spanish evidence. Journal of Management & Governance, 18(4), 989-1017. doi:

Huse, M., 2007. Boards, Governance and Value Creation. New York: Cambridge University Press.

Kang, L. S., and Payal, 2012. Women on Corporate Boards: A Literature Review. Indian Journal of Corporate Governance, 5(1), 33-49.

Kaplan, R. S., and Norton, D. P., 1992. The Balanced Scorecard:Measures that Drive Performance. Harvard Business Review, 70(1), 71-79.

Kokla, E., 2010. Implement measurement systems and improving efficiency in the public sector. National Technical University of Athens.

Lobo, J. G., and Zhou, J., 2010. Changes in Discretionary Financial Reporting Behavior Following the Sarbanes-Oxley Act. Journal of Accounting, Auditing & Finance, 25(1), 1-26. doi:

Mallin, C. A., 2007. Corporate Governance. New York: Oxford University Press

Nørreklit, H., Nørreklit, L., Mitchell, F., and Bjørnenak, T., 2012. The rise of the balanced scorecard! Relevance regained? Journal of Accounting and Organizational Change, 8(4), 490-510. doi:

Oakley, J. G., 2000. Gender-based barriers to senior management positions: Understanding the scarcity of female CEOs. Journal of Business Ethics, 27(4), 321-334. doi:

Papadopoulou, L., 2012. The effectiveness of the Balanced Scorecard (Balanced Performance Card) Internal Auditing. University of Macedonia



  • There are currently no refbacks.