Studies and researches
1/2024
Corporate Governance Compliance in Alternative Markets. The Case of the Alternative Market of ATHEX
In the current economic and social environment,
companies are called upon to maintain their smooth operation, as well as to
adopt practices that ensure their viability. One of the central pillars of
sustainable development of listed companies in the alternative market, today,
is the adoption of a strong corporate governance system. In the Greek financial
sector, there are limited references to the companies that trade on the
Alternative Market of the Athens Stock Exchange, as well as to the companies'
approach to the Hellenic Corporate Governance Code. The aim of this work is to
cover a part of the incomplete literature that exists in the scientific
community for the companies on the alternative market of ATHEX, because the
provisions of Hellenic Corporate Governance Code are considered crucial for the
business strategy and for the creation of corporate value. The purpose of this
paper is primarily to deepen the understanding on the new corporate governance
code of ATHEX as well as on the application of the code practices in the
selected sample of listed companies in the alternative market of the Athens
Stock Exchange. From a theoretical perspective, extensive reference is made to
the practices and legal framework of the corporate governance code in Greece.
For the analysis and description of the data regarding corporate governance in
the alternative market of ATHEX, and specifically, the adoption or not, of an
effective corporate governance system. Information was collected from the
financial reports of the sample companies for the period 2008 - 2021. The
present study shows that listed companies in the alternative market are trying
to adopt a framework of principles in line with the respective companies
trading in the ATHEX main market. However, compared to the companies trading in
the main market of ATHEX, there are huge differences in the degree of
compliance for companies in the alternative market. Therefore, significant
improvements should be made as the limited adoption of the corporate governance
code is still very characteristic for the firms of the alternative market.
Corporate governance, alternative market, ATHEX, Greece
G34, G30, O16
G34, G30, O16