Loukas Spanos
Loukas Spanos is Senior Advisor at the Hellenic Ombudsman for Banking-Investment Services (H.O.B.I.S.). Previously he was Senior Advisor to the Board Chair of the National Bank of Greece S.A. (listed on both the Athens Exchange and the NYSE), responsible for corporate governance, CSR & sustainability strategy and crowdfunding. He is also researcher at the Center of Financial Studies of the University of Athens, tutor at the National Technical University of Athens and member of a working group of the Athens Exchange, working towards creating a corporate governance compliance methodology. He has been Scientific Advisor for the Hellenic Parliament (2011-2014), Director of the Office of the Minister of Labour (2010-2011) and Director of the Office of the Minister of Economy, Competitiveness and Shipping (2009-2010), where he served as team leader in various government-reform projects in collaboration with the European Commission and the IMF. He has research and teaching experience in the area of finance, corporate governance, CSR and crowdfunding including publications in peer-reviewed journals and presentations at international conferences. He has been also working as a real estate analyst in the private sector and as an intern at the Hellenic Capital Market Commission. From 2000 he is a fellow of the Sasakawa Young Leaders Fellowship Found (SYLFF) of the Tokyo Foundation. He holds a BA in Economics and an MSc in Economic Policy (both at the University of Athens) and he is currently finishing his PhD thesis on corporate governance.
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Papers by Loukas Spanos
Design/methodology/approach – First, reviews the evolution of the CG debate in Greece and its implication at the EU level. Second, provides a short view of the institutional-economic environment in Greece, as it influences corporate governance practices. Then analyzes the CG mechanisms in the light of the recent key reforms. Finally, summarizes the findings and proceeds with some critical points and recommendations.
Findings – The general finding is that the development of regulatory reforms was mostly an endogenous process influenced mainly by the speculative events in the Greek capital market during 1999.
Practical implications – The evolution of the Greek CG may have significant implication, such as that the Greek market is a newly mature euro-area market and CG is supposed to be a key factor for the competitive transformation of the capital market and the business world. In addition, the evolutionary path of CG in Greece may have significant implication for the new EU member states.
Originality/value – The paper shows how the CG practices evolve in a small open economy influenced by speculative events and is valuable to policymakers, regulators and academics.
Design/methodology/approach – The methodology consisted of the creation of a questionnaire reflecting the Greek CG code and other well-regarded CG codes, like the OECD principles. The authors constructed a CG rating system and applied it to distinguish family from non-family firms.
Findings – The main conclusion is that the family firms lack an efficient CG mechanism and they demonstrated poor governance compared with non-family firms.
Practical implications – The results disclose the potential strengths and weaknesses of the existing CG framework of the family-owned firms. The methodology applies in a small open economy and may have significant implications in other similar capital markets.
Originality/value – Methodologically, the merit of the exercise lies in its approach toward the creation of “collectively subjective” weightings, and is valuable to policymakers and academics.
Design/methodology/approach – First, reviews the evolution of the CG debate in Greece and its implication at the EU level. Second, provides a short view of the institutional-economic environment in Greece, as it influences corporate governance practices. Then analyzes the CG mechanisms in the light of the recent key reforms. Finally, summarizes the findings and proceeds with some critical points and recommendations.
Findings – The general finding is that the development of regulatory reforms was mostly an endogenous process influenced mainly by the speculative events in the Greek capital market during 1999.
Practical implications – The evolution of the Greek CG may have significant implication, such as that the Greek market is a newly mature euro-area market and CG is supposed to be a key factor for the competitive transformation of the capital market and the business world. In addition, the evolutionary path of CG in Greece may have significant implication for the new EU member states.
Originality/value – The paper shows how the CG practices evolve in a small open economy influenced by speculative events and is valuable to policymakers, regulators and academics.
Design/methodology/approach – The methodology consisted of the creation of a questionnaire reflecting the Greek CG code and other well-regarded CG codes, like the OECD principles. The authors constructed a CG rating system and applied it to distinguish family from non-family firms.
Findings – The main conclusion is that the family firms lack an efficient CG mechanism and they demonstrated poor governance compared with non-family firms.
Practical implications – The results disclose the potential strengths and weaknesses of the existing CG framework of the family-owned firms. The methodology applies in a small open economy and may have significant implications in other similar capital markets.
Originality/value – Methodologically, the merit of the exercise lies in its approach toward the creation of “collectively subjective” weightings, and is valuable to policymakers and academics.