Can Corporate Governance be Rated? Ideas based on the Greek experience

Abstract

The paper presents an attempt to quantify the compliance of Greek companies with international best practices. Based on 37 indicators (composed out of 54 questions) it was found that Greek companies demonstrate a fairly satisfactory degree of compliance with OECD guidelines. Their weak points lie in: the role of stakeholders and corporate social responsibility; the organisation of CG; the effective role of the independent members of the board (which may be attributed to the small size of the pool of potential independent board members); disclosure of remuneration; and risk management. Methodologically, the merit of the exercise lies in its approach towards the creation of "collectively subjective" weightings, an effort to discuss the benefits of separating the rating of the market from the rating of companies and the discussion on typologies of work that can be effectively performed through rating exercises. Copyright Blackwell Publishing Ltd. 2004.

The ex-dividend day stock price anomaly: evidence from the Greek stock market

“…Starting in April 2003, there was a gradual uptrend in the ASEI that lasted until the fall of 2007. During the last eight years, the Hellenic Capital Market Commission's board of directors has issued several rules and regulations in an attempt to enhance investor protection, safeguard the normal operation and liquidity of the Greek capital market, enhance the efficiency of trading, and has also addressed institutional issues, including short selling, margin account, and market making (Tsipouri and Xanthakis 2004).…”

Factors influencing corporate governance disclosure of companies listed on the Alternative Exchange (AltX) in South Africa

“…Similar to other studies that use disclosure indices such as Tsipouri and Xanthakis (2004) and Barack and Moloi (2010), this study adopts an item-based approach and assigns a value of 1 when a recommendation has been adopted and a value of 0 otherwise. The recommendations were tested against the information that appeared in the annual reports of each company for the reporting periods in the sample.…”

Corporate Governance and Firm Performance: Results from Greek Firms

“…In countries where such institutions do not exist, one could have studied firm annual accounts (Tsipouri and Xanthakis 2004, Tsipouri, Spanos and Xanthakis 2005, Aksu, Mine and Kosedag 2006, Florou and Galarniotis 2007. Such a study could reveal each firm's compliance with relevant governance practices.…”