Entrepreneurial Networks in Highly Globalised Industries : The Case of the Greek Shipping Industry

This paper unveils one of the secrets of success of the Greek shipping industry: informal networking of families of entrepreneurs with long strong ties imbued in mutual trust and immersed in 'love for the sea' tradition that allow Greek shipping firms to address the peculiarities and specificity of a highly globalised industry. Close family ties, clustering, and tacit knowledge allow Greek shipping companies to enjoy efficiencies and synergies hard to replicate by the competition. Long family ties create mutual trust and understanding that minimizes opportunistic behavior and agency costs. Clustering creates both scale and networking economies that provide Greek shipping companies an advantage over their peers