Corporate governance and internal controls: A case study from Greece

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Andreas G. Koutoupis ORCID logo, Evangelia Pappa ORCID logo

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The objective of this paper is twofold. Firstly, it portrays and evaluates the existing corporate governance structure and secondly, highlights its connection with internal audit function and management practices. It is adopted a descriptive research analysis using the quantitative approach on a sample of listed companies in Athens Stock Exchange for the year 2016. Our methodological research instrument is based on COSO (2013) Internal Control - Integrated Framework. The paper concludes that corporate governance is driven to managerial excellence and effective governance because of internal audit processes, risk assessment, control activities, information and communication, and monitoring activities. The research contributes to the corporate governance literature by providing valuable insights into the major aspects of a well-functioning internal control system and its relevance to management performance. Proposed areas for future research directions should be discussed.

Keywords: Corporate Governance, Internal Controls, Management, COSO Model, Greek Listed Enterprises

JEL Classification: G3, G34, M4, M42

Received: 24.03.2018

Accepted: 13.06.2018

Published online: 22.06.2018

How to cite this paper: Koutoupis, A. G., & Pappa, E. (2018). Corporate governance and internal controls: A case study from Greece. Journal of Governance & Regulation, 7(2), 91-99.