Ο θεσμός της εταιρικής διακυβέρνησης μετά το Ν. 4706/2020 και η συμβολή του στην εύρυθμη λειτουργία της αγοράς

Μπατσίλας, Δημήτριος

Master Thesis

Author

Μπατσίλας, Δημήτριος

Date

2026-02-10

Abstract

This master’s thesis examines the institution of corporate governance through the lens of the economic analysis of law, with particular emphasis on the new regulatory framework introduced by Law 4706/2020 for listed sociétés anonymes in Greece. The starting point of the analysis is the premise that corporate governance does not merely constitute a set of formal organisational rules, but rather a mechanism for the institutional management of fundamental market failures, such as the separation between ownership and control, information asymmetry, and conflicts of interest arising within the agency relationship between shareholders and management. The first part of the thesis analyses the theoretical foundations of corporate governance, with reference to agency theory, the efficient market hypothesis, and the contribution of economic analysis of law to the interpretation of corporate governance regulations. Particular attention is devoted to the theoretical debate between Shareholder Theory and Stakeholder Theory, as well as to the gradual development of synthetic and integrative approaches to corporate governance within the European and international context. The second part systematically examines the content of Law 4706/2020, which constitutes a significant development in Greek corporate governance law. The main pillars of the statute are analysed, including the strengthening of the role and composition of the board of directors, the establishment of additional mandatory committees, the upgrading of internal control mechanisms, and the enhancement of transparency and accountability within the market. The law is assessed as marking a transition from a relatively indeterminate, partly soft-law and predominantly formal framework of regulation to a clearer, more detailed, strictly binding, and functionally oriented system of corporate governance. The third part of the thesis provides a concise evaluation of the implementation of the new framework, based on empirical research data. The findings indicate that, notwithstanding the increased compliance costs and certain adjustment difficulties, Law 4706/2020 has contributed to improving the quality of corporate governance and to gradually strengthening the institutional credibility of listed companies. Nevertheless, the effectiveness of the new regulatory framework depends not only on the completeness and stringency of the rules, but primarily on the substantive internalisation of the principles of transparency, accountability, and institutional responsibility by companies themselves, through the cultivation of a genuine corporate governance culture, so as to ensure, in the long term, the proper functioning of the capital market.

Postgraduate Studies Programme

Δίκαιο και Οικονομία

Department

Σχολή Οικονομικών, Επιχειρηματικών και Διεθνών Σπουδών. Τμήμα Οργάνωσης και Διοίκησης Επιχειρήσεων

Number of pages

144

Language

Greek

URI

https://dione.lib.unipi.gr/xmlui/handle/unipi/19075

Collections

Τμήμα Οργάνωσης και Διοίκησης Επιχειρήσεων

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Except where otherwise noted, this item's license is described as
Αναφορά Δημιουργού-Μη Εμπορική Χρήση 3.0 Ελλάδα