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Article
Publication date: 10 August 2020

Fragiskos K. Gonidakis, Andreas G. Koutoupis, Anastasios D. Tsamis and Maria-Eleni K. Agoraki

The purpose of this study is to investigate risk disclosure in listed Greek companies. The effects of the financial crisis were also considered.

Abstract

Purpose

The purpose of this study is to investigate risk disclosure in listed Greek companies. The effects of the financial crisis were also considered.

Design/methodology/approach

This study aimed to determine the risk-reporting practices of Greek’s non-financial companies listed on the Athens Stock Exchange through a content analysis of their annual reports.

Findings

Risk identification and anticipation protect businesses and create shareholder value. In recent years, particularly since the economic crisis, risk has become one of the most important business issues. This study concluded that during the crisis, there was an increase in disclosure. Financial, personnel and legal risks were the most reported types of risk. This study also found liquidity to be a very important issue.

Research limitations/implications

Content analysis has limitations because subjectivity cannot be eliminated. This study measured only the quantity, not the quality, of risk disclosure. The quality of risk reporting will be examined in future research.

Originality/value

This is the first study on risk disclosure in the non-financial companies listed on the Athens Stock Exchange to conduct a content analysis of the corporate annual reports.

Details

Accounting Research Journal, vol. 33 no. 4/5
Type: Research Article
ISSN: 1030-9616

Keywords

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Article
Publication date: 5 June 2017

Michail Nerantzidis and Anastasios Tsamis

The purpose of this study is to review the prior empirical studies that investigate the corporate governance (CG) determinants and provide a synopsis, and explore the main…

Abstract

Purpose

The purpose of this study is to review the prior empirical studies that investigate the corporate governance (CG) determinants and provide a synopsis, and explore the main factors that drive the level of CG disclosure in the Greek context.

Design/methodology/approach

The authors perform an extensive review of the relevant literature and identify 24 papers that use various potential factors. Afterwards, the authors construct two different GC indices to investigate these potentials, and the authors conduct multiple regression analysis to identify and explain these determinants.

Findings

The empirical analysis shows that large Greek listed firms are more likely to disclose more CG information in the CG statement. In addition, the analysis shows statistically significant association with performance-related variables (such as Tobin’s Q and liquidity) and CG-related variables (such as independent members, board meetings and women on board).

Research limitations/implications

The results of the study support theoretical arguments that Greek listed firms disclose CG information not only to fulfill task-related requirements but also to be perceived as social and legitimate.

Originality/value

To the best of the authors’ knowledge, this is the first study that provides a synopsis of the prior literature in CG determinants, while it goes one step further by using the majority of the potential factors that have been used so far. Moreover, this study uses a multi-theoretical framework to address theoretical development, an approach that generates an outline of fruitful directions for future research.

Details

Corporate Governance: The International Journal of Business in Society, vol. 17 no. 3
Type: Research Article
ISSN: 1472-0701

Keywords

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Article
Publication date: 14 September 2015

Michail Nerantzidis, John Filos, Anastasios Tsamis and Maria-Eleni Agoraki

The purpose of this paper is to examine the extent of Combined code (2010) impact in the Greek soft law (SEV code, 2011) and the adoption of an overlapping set (between…

Abstract

Purpose

The purpose of this paper is to examine the extent of Combined code (2010) impact in the Greek soft law (SEV code, 2011) and the adoption of an overlapping set (between the two codes) of best practice provisions in Greece.

Design/methodology/approach

Content analysis was conducted to examine the similarities between the UK’s Combined code (2010) and the Greek SEV code (2011). Moreover, a sample of 219 Greek listed companies’ annual reports was analyzed, and their compliance with a specific number of provisions was evaluated.

Findings

Through analyzing the content of both codes, it was found that from the total 64 provisions of the SEV code (2011), 45 were matched to at least one of the Combined codes (2010). From these 45 provisions, 26 were characterized as “in spirit” influence and 19 as “in letter”. Based on this evidence, 22 overlapping practices were selected to investigate the compliance and a quite low rate was revealed, an average percentage of 30.46 per cent. These findings indicate that while exogenous forces trigger the development and adoption of a code in Greece, in line with the UK’s, the endogenous forces tend to avoid the compliance with that “exogenous practices”. Moreover, the results support the idea that the Greek national code should be reshaped to fit the different country’s characteristics.

Research limitations/implications

The research limitations are associated with the content analysis methodology, as well as the reliability of corporate governance (CG)statements.

Originality/value

This study contributes to understanding in a more comprehensive manner the impact of Combined Code (2010) in Greek soft law. More specifically, based on a previous case study, this paper extends the seven analyzed factors of Koutoupis’ (2012) research to the total CG provisions of both codes. However, it goes further and develops a coding scheme to rate the level of compliance of the overlapping provisions.

Details

International Journal of Law and Management, vol. 57 no. 5
Type: Research Article
ISSN: 1754-243X

Keywords

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Article
Publication date: 28 January 2014

Constantinos Lefcaditis, Anastasios Tsamis and John Leventides

The IRB capital requirements of Basel II define the minimum level of capital that the bank has to retain to cover the current risks of its portfolio. The major risk that…

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Abstract

Purpose

The IRB capital requirements of Basel II define the minimum level of capital that the bank has to retain to cover the current risks of its portfolio. The major risk that many banks are facing is credit risk and Basel II provides an approach to calculate its capital requirement. It is well known that Pillar I Basel II approach for credit risk capital requirements does not include concentration risk. The paper aims to propose a model modifying Basel II methodology (IRB) to include name concentration risk.

Design/methodology/approach

The model is developed on data based on a portfolio of Greek companies that are financed by Greek commercial banks. Based on the initial portfolio, new portfolios were simulated having a range of different credit risk parameters. Subsequently, the credit VaR of various portfolios was regressed against the credit risk indicators such as Basel II capital requirements, modified Herfindahl Index and a non-linear model was developed. This model modifies the Pillar I IRB capital requirements model of Basel II to include name concentration risk.

Findings

As the Pillar I IRB capital requirements model of Basel II does not include concentration risk, the credit VaR calculations performed in the present work appeared to have gaps with the Basel II capital requirements. These gaps were more apparent when there was high concentration risk in the credit portfolios. The new model bridges this gap providing with a correction coefficient.

Practical implications

The credit VaR of a loan portfolio could be calculated from the bank easily, without the use of additional complicated algorithms and systems.

Originality/value

The model is constructed in such a way as to provide an approximation of credit VaR satisfactory for business loan portfolios whose risk parameters lie within the range of those in a realistic bank credit portfolio and without the application of Monte Carlo simulations.

Details

The Journal of Risk Finance, vol. 15 no. 1
Type: Research Article
ISSN: 1526-5943

Keywords

Content available
Article
Publication date: 28 January 2014

Bonnie G. Buchanan

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359

Abstract

Details

The Journal of Risk Finance, vol. 15 no. 1
Type: Research Article
ISSN: 1526-5943

Keywords

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