Corporate governance legal and regulatory framework's effectiveness in Greece : A response

Purpose – The purpose of the paper is to address the issues raised by the author of the paper “The effectiveness of corporate governance in Greece”. Design/methodology/approach – The issues are addressed point by point using additional data, references and analysis. Findings – The paper pinpoints the sources of ineffectiveness of the Law 3016/2002 and states that there is a need for a new set of principles and laws that focus on the real issues of corporate governance in countries like Greece. Research limitations/implications – To fully comprehend the nature and dynamics of corporate governance issues a survey and analysis broader in scope, more holistic and without any prepossessions must be contacted. Practical implications – The study provides evidence to policy makers that the previous initiatives were ineffective and a new initiative is imperative in order to establish balance and create the conditions for capital market development. Originality/value – The paper questions the argument that convergence may be accomplished by the enactment of laws alone and contributes to the growing body of literature that supports the notion that convergence may be accomplished only by the convergence of more fundamental characteristics of a country.