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Many scholars have linked Corporate Governance (CG) and performance or CG, capital structure of banks or market structure. The decision to use the capital market or debt in order to obtain the necessary capital to finance firms’ operations is a critical factor for the formulation of corporate environment, because it contributes to the ownership concentration or diffusion and to corporate risk exposure level. The paper’s goal is to link all these three dimensions and to address the issue of whether performance and capital structure are the decisive factors of good corporate governance or vice versa and whether these dimensions are the drivers of banks’ financial health, strategic robustness and survival effectiveness. Furthermore, the paper is seeking to detect the differences (if any) among banking systems across Europe. To do that a double sample is selected (covering the period from 2004 to 2013). The first sample is comprised by European banks that merged. The second sample is comprised by European banks that survived the last merger & acquisition wave and the systemic shock of the double crises of 2002 and 2008. A combined ratio of performance (ROAA or ROEA) and debt to equity (DE or debt aggravation) is used to determine if there is a connection between capital structure and CG quality of banks. Panel data methodology is used. The econometric results show that there are no significant differences between the strata that are used for this research. There is no common factor or driver between the banking systems of Europe. This is an indication that the convergence theory of corporate governance systems is yet confirmed

Objectives The paper’s first goal is to track the behavior, financial structure and corporate governance schemes of the European banks before, during and after the crises of 2001 and 2008, the regulatory initiatives that followed. The second goal is to determine the status of the sector in Europe and to clarify if there is a convergence trend. Data and Methods The data used for the empirical analysis cover the period from 2005 to 2014, is focused on the twenty-seven (27) European Union countries. The data were collected from Bankscope and the initial sample was 8.115 individual banks. The data collected were financial, board of directors, ratings (banks and country), investment ratios, etc. The variables used are categorized into six groups of indicators or dimension: ratings (country and bank), size, ownership, corporate governance, capital adequacy or capital structure and loan growth. Since this is the first approach of a large sample and number of variables, the paper’s methodology is simple (descriptive statistics, cross-tabulation, mean and variance differences, etc.). Results The results show that the European banking sector has taken two major shocks and these shocks have left their mark financially, structurally and on their governance mechanisms. Major changes have taken place, but these changes don’t seem to re-enforce any convergence trend. Conclusions The stability of the sector is based on structural elements (competition, capital structure, regulation, etc.) and its performance. The results also show that the European banking sector is not homogenized. There are significant differences in size, spatial distribution, performance, financial structure, etc.

Financial performance as a phenomenon in the banking sector is an issue of a wide debate. The paper is seeking to detect the variables that have an impact on performance. There are two ways that the paper is going to achieve its goal. The first is to find the statistical important variables – ratios and the second the use of stratification (corporate governance system and geographical location as an indication of the political and economic factors) variables that may diverge the behavior and hence the performance of banks across Europe. The data used for the empirical analysis cover the period from 2004 to 2013, is focused on the twenty-seven (27) European Union countries. The data were collected from Bankscope and the initial sample was 8.115 individual banks. The final sample (commercial and cooperative banks) is comprised from 2.721 to 3.081 (dependent on the availability of data for every ratio) individual cases. The data collected were mainly financial ratios and some stratifying variables (corporate governance system, north-south) and panel data regressions using stratifying variables were used. The results show that performance (roaa) is dependent on the other four categories of ratios (Asset quality, Capital ratios/risk and solvency ratios, Operations ratios, Liquidity ratios), the interesting part is which of them are found to be statistical important. Financial performance of banks is based on factors that are specific to the sector. Bad debt handling, asset quality, operational costs, finding other sources of income, interbank liquidity are the most important factors that affect performance. Corporate governance system and the geographic location (political and macroeconomic factors) of the bank seem to effect significantly the factors that have an impact on performance. Banks with an Anglo-Saxon corporate governance system and banks that are in north Europe present greater variance of performance and hence they seem to be less entrenched – protected from markets.

The International Community has designated the “Sustainable Development” as a central issue for the future of humanity. Unesco has named the decade 2005-2014 as the decade for the “Education for the Sustainable Development”. It has also engaged with the promotion of this project in order to “…integrate the values and practices of sustainable development to all the forms of education”. The Environmental Education Centres (EEC) were created during the past twenty years and they emerged from the growing interest in the issue of Environmental Education. Of course, the places where EEC are created are places of rich natural resources. The institution of EEC is highly connected to the environmental movement and it is internationally considered one of the most important factors of extra curriculum education. The Environmental Education Centres are encouraged to cooperate with the citizens in decision-making [2]. They are also encouraged to connect with the lifelong learning, the traditional learning, the local administration and the production units in the appropriate places and with the appropriate members, in order to become an effective structure of Education for Sustainable Development [6]. They can influence the local communities and create an environmental friendly situation. In 2013, at the place Meliti in the prefecture of Florina, an empirical research was carried out in order to explore the role of an Environmental Center in distant areas. The research shows that the operation of Environmental Education Centres influences the students and the local communities, especially when the centre operates in peripheral and disadvantaged areas. The EEC Melitis has a positive impact on the local community. It brings profit to local community, to local businesses (coffee shops, restaurants, ect.), it empowers the local pride, it makes children familiar with the natural and economic identity of their area and with their parents’ professions. Most importantly, the children are being environmentally informed and they can evolve into future protectors of sustainability.

The goal of the paper is to detect the factors that affect financial performance of the European banks and the cross – sectional differences that may exist. The European banking sector is interesting due to its special characteristics and structure. The stability of the sector is based on structural elements (competition, capital structure, regulation, etc.) and its performance. The paper addresses the issue of the banking sector performance using two different econometric approaches. In both blocks of research ROA is used ROA as a performance index for Europe’s banks. The first approach has been realized by using four econometric methods [LAD (least absolute deviations), RREG (robust regression), ordinary least squares (OLS) and Quantile regressions] and the second approach is panel data regressions (Fixed and Random Effects) and tries to find if there are differences among different panels of European banks (PIGS-not PIGS, North-South, Entity type, Corporate governance system). The independent variables used in both groups of research can be categorized into six groups of indicators: ratings (country and bank), size, ownership, corporate governance, capital adequacy or capital structure and loan growth. The data used for the empirical analysis cover the period from 2004 to 2011, is focused on the twenty seven (27) European Union countries. The statistical results show that performance of banks in Europe is dependent on predictable factors and on factors like the credit ratings. The results also show that the European banking sector is not homogenized. There are significant differences in size, spatial distribution, performance, financial structure, etc. This results are important because as performance is not homogenized and the factors that determine performance have different weight in each subsystem, the European banking system is not isomorphic. Hence, each subsystem must have a different set of rules and strategies to enhance performance. The results are especially important for policy makers and explaining the events of the recent history.

The crises of 2002 and 2008 have raised the issue of banking sector’s ability to absorb the effects of the crises. The inactivity of banks may be the result of a number of events, such as merger & acquisition (M&A), liquidation, default-bankruptcy, etc. Bankruptcy has been found to be a phenomenon that doesn’t happen often. On the contrary, M&As and liquidation are the main inactivity phenomena.The paper will address the issue of inactivity and will try to detect its causes using econometric models. Six groups of indicators are examined: performance, size, ownership, corporate governance, capital adequacy or capital structure and loan growth. Three econometric methods (Probit, Logit, OLS) have been used to create a system that predicts inactivity.The results of the econometric models show that from the six groups of indicators, four have been found to be statistically important (performance, size, ownership, corporate governance). Two have a negative impact (ownership, corporate governance) on the probability of inactivity and two positive (performance, size). This finding is consistent with the theory. The paper’s value and innovation is that it has given a systemic approach to find indicators of inactivity and it has excluded two groups of indicators as non-statistically important (capital adequacy or capital structure and growth).

During the last decades Europe has started a policy of convergence. The establishment of European Central Bank and the Euro as a common currency are two critical time and crucial points of the convergence effort. The crises of 2002 and 2008 have raised the issue of stability, status and structure of the European banking system. Ranking agencies have been used to evaluate the financial and governance adequacy of banks. The paper attempts to find the factors that determine the ranking system of banks in Europe and it’s capability of predict good performance in governance and performance.The methodology presented in this paper consists of two main blocks of research. The first block of research uses a constructed binary variable for Fitch’s ranking for Europe’s banks. The construction of the variable is based on the value of evaluation. The best value (AAA has value 24, A- has value 18 and B- has value 9 and so on. Good rank value (Fitch binary variable = 1) is considered to be above A- (value 18) and bad ranking below that number (Fitch binary variable = 0). Three econometric methods (Probit, Logit, OLS) have been used to create a system that predicts the good value of Fitch rank.The second block uses the average numerical value of Fitch ranking system for every bank calculated previously in order to create econometric models that can explain and clarify the factors that affect the ranking system. Three econometric methods (Ordinary Least Squares, Least Absolute Deviations, and Robust Regression) have been used to create a system that predicts the value of Fitch rank. The independent variables used in both groups of research can be categorized into seven groups of indicators: performance, size, ownership, corporate governance, capital adequacy or capital structure, locality-country ranking, and loan growth. Each group has more that on variable. The data used for the empirical analysis cover the period from 2004 to 2011, is focused on the twenty seven (27) European Union countries and only commercial and cooperative banks. The total number of banks, initially, collected from Bankscope were 4.573. After the analysis of outliers the sample was reduced to 4.536 banks (2.873 active and 1.663 inactive).The final sample is comprised only from data of active banks (in 2012). The initial data were filtered even more, new ratios were calculated and only major banks have been used as sample. The statistical results show that the rating system and especially Fitch’s ratings are determined by four main factors (performance, locality-country risk, governance and capital adequacy). The paper’s value and innovation is that it has given a systemic approach to find indicators of ranking process and it has excluded four groups of indicators as non-statistically important (ownership, size, capital structure and growth). Although some of the factors were expected to be either significant or having little effect (e.g. performance-capital adequacy, size), others are unexpected (e.g. governance, capital structure). The results show a large dependence of bank ranking to country ranking and so the macroeconomic environment is largely the most significant factor.

The crises of 2002 and 2008 have raised the issue of banking sector’s ranking system efficiency. The credit rating agencies (CRAs) are crucial for the modern financial market. The impact that the ratings have is indisputable. This paper is seeking to find the factors that affect the ratings and to create a prediction mechanism. The originality of the paper is based on the fact that it utilizes a number of different variables (ownership status, corporate governance, etc.), and the hypothesis is innovative because it addresses the issue of divergence–convergence of the European banking sector and its respective ratings. In order to do that, all ranking evaluations have been matched with a numerical value (i.e., AAA has value 24, A- has value 18, and B- has value 9). A good grade is considered to be above A- (value 18) and a bad grade below that number. Seven groups of indicators are examined: performance, size, ownership, corporate governance, capital adequacy or capital structure, sovereign–country ranking, and loan growth. Three econometric methods (probit, logit, and OLS) have been used to create a system that predicts the rating grade. The independent variable is binary (good grade = 1/bad grade = 0). Inactive banks have been excluded from the sample. This paper provides a model for predicting the factors that affect the grade of the bank rating. Many of the factors, which other studies have pointed out, are found to be statistically important in our models, too. This paper contributes to the literature by establishing a unique framework for the European banks and identifying the factors that affect the rating grade by giving an answer to the issue of an isomorphic banking sector in Europe. It shows that there are significant differences among the various geographical regions [variables cgsys, ns, European countries with major economic problems or those under stress (Portugal, Ireland, Spain, and Greece)].

Marketing strategies are changing fast in the global marketplace as the competition is increasingly growing since the beginning of this century. Multinational companies believe that customer is not just a buying entity but a powerful business partner. In this growing competitive spree multinational companies are exploring remote markets to position global brands. The paper examines the new concepts put forth by contemporary research studies on emerging marketing strategies and their effects on consumer behavior. Global shifts in consumer strategies in reference to quality of relations, competitive leadership and shopping behavior of consumers in the emerging markets are critically analyzed and future directions for research in changing business environment are proposed. The paper is not based on empirical data and does not use econometric or statistical methods to validate the new strategies and theories. This is a new field of research and the paper is the first step in formulating a valid hypothesis. New strategies and perspective can be used to establish a new ethical and behavioral equilibrium between corporations and customers. The paper uses the reported changes in marketing perspective and strategy to establish a theoretical base for the new marketing theories.

The last two decades a shift in marketing, corporate strategy, organizational and market dynamics has been recorded. A series of corporate scandals like ENRON and others has shown that corporations have a significant impact on a number of stakeholders and particularly customers. The notion that the customers can shift from one product or service provider to the other may not be as valid as some theories suggest. The markets are not perfect mechanisms and customers are not rational decision makers. Although marketing has introduced to the corporate culture the customer-centric approach the results are not as positive as they should be. The paper shows that marketing and corporate governance systems have many common elements and in fact they can be complementary in practice and theory. To establish the connection-correlation between them, the author is going to review the literature from both disciplines. As a next step, an analysis of impact of the customer as a party that has an interest in the firm is going to take place. Finally, two examples of this impact will depict the importance of a change in scope – goal, strategy and practices used by both disciplines in achieving the firm’s mission and goals. The author shows that both can be benefit from the integration of mechanisms, principles and practices used by the marketing and corporate governance. The paper is the first step to create a theoretical convergence framework for these disciplines that seem completely separate. Marketing and corporate governance specialists and theorists may design a more comprehensive and holistic approach to customer that is more customer friendly, more long term and establishes a more successful and value creation (for both the customer and the corporation) relationship.

Problem statement: The study contributes to the literature that argues that the convergence trend of corporate governance systems is either nominal or hasn’t the impact that the advocates of this theory hypothesize. Approach: The objective of the study was to test this hypothesis the key issue of remuneration had been chosen to illustrate that the differences of corporate governance systems still exist and they have a substantial impact on business environment. Disclosure or not of information regarding these issues preoccupies regulating, legislative authorities as well as capital market participants. The study, using a probit regression analysis, examined whether these differences are observable in Greece. Greece is a country with the typical characteristics of a Continental Europe corporate governance system. The results were compared with the reported characteristics of Anglo-Saxon countries. The study analyzed data over a period of 6 years (2001-2006). The 60 firms largest, in terms of capitalization and free float, were used. Results: The major factors that affect the remuneration disclosure were the adoption of mergers and acquisitions as the method to expand firm’s size, the investments risks that the firm is willing to take, stock market capitalization, board of directors size, capital to sales ratio, number of independent board of directors member dismissals and the quality of corporate governance. These differences were significantly different than the ones reported for Anglo-Saxon countries. Conclusion: The study had proven that remuneration disclosure levels in Greece are defined by a different set of factors than the ones in a typical Anglo-Saxon country. Policy and regulation makers should take into account these differences and not adopt isomorphic approaches to different problems and situations.

We review the basic information requirements for compliance with the Sarbanes-Oxley Act (SOX) and the OECD’s Principles of Corporate Governance (CG). The fundamental proposition of the paper is that information flow is a critical factor for the CG success or failure and information flow is dependent on the information system that the firm is using. The flaw is not the technology itself but in Enterprise Systems’ design. This analysis reveals that corporate governance principles cannot be implemented without the implementation of modern enterprise systems that can secure disclosure and transparency. Information dissemination and information control are essential to comply with SOX and OECD principles.

Capital structure, especially in the cases of the countries that belong in the Continental Europe system of Corporate Governance has a significant impact on the way that the firm is structured, organizationally, strategically and functionally. The decision to use the capital market or debt in order to obtain the necessary capital to finance firms’ operations is a critical factor for the formulation of corporate environment, because it contributes to the ownership concentration or diffusion and to corporate risk exposure level. Debt aggravation is measured by the ratio “Debt to Equity”. Panel data methodology is used. The hypothesis that are tested: a) is debt aggravation affected by the quality of corporate governance, the structure and composition of the Board of Directors, firm’s size, and other factors, b) are the factors that affect debt aggravation in Greece the same with the ones that are delineate in the literature for the Anglo-Saxon countries. Debt aggravation is statistically affected by performance, organizational structure and firm size. These findings are compatible with the literature. The innovative finding is that variables like Corporate Governance Index (CG), Mergers and Acquisitions (Merger), Major shareholder is the CEO (OWNCEO) and den dismissal or resignation of, executive, non executive (BDIS_P) and independent members of the Board of Directors are not statistical important. Corporate Governance does not seem to have any statistical important impact on capital structure and this conclusion is the opposite of the relevant studies of Shleifer and Vishny (1997) and Vilanova (2007). Greek firms seem to favor debt as a mean of finance, instead of capital-share issues.

During the last few years minority shareholders have suffered many shocks. Their rights and options were compromised. New legal and regulatory initiatives have failed to establish stability and trust on the mechanisms and contracts that are essential for organizational and market stability. The paper cites the basic rights of minority shareholders and analyzes the feasibility of their protection and enforcement. Minority shareholders are, in essence, without any choices or the choices that they have to rely on are the will and faculty of the dominant group (managers in the case of the Anglo-Saxon countries and major shareholders in Continental Europe countries).

It is the first paper that fully analyzes the disclosure status (legal and practical) through corporate web sites in Greece. The paper proposes that transparency and disclosure status should become a key performance indicator for the quality of management and for the quality of information released by the firm. The hypothesis is that disclosure of information, as a measure of corporate governance quality, should have a strong relation with firm performance. The paper seeks to establish a connection between the newly enforced IFRS and Corporate Governance in Greece by examining information disclosure of listed firms in their corporate sites on the Internet (WWW). Both initiatives (IFRS and CG reforms) have a common ground and that is the disclosure of information as they both advocate that a firm must release all material information to the shareholders and other stakeholders. This paper tries to find the impact of these initiatives in promoting transparency and accountability in Greek listed firms. The paper seeks to find the relationship between performance-corporate governance and information disclosure so that academics, practitioners, vendors and managers can formulate principles, strategies and practices to enhance the level of corporate governance and firms’ communication with the stakeholders. The basic driver for the paper is the OECD’s principles (2004) of Corporate Governance and the fact that all the major documents and research for the issues of CG are related, directly or indirectly, with the disclosure of information. The problem is determination of which information is necessary or mandatory to participate in management or to control the decision and actions of the controlling stakeholder and at what cost-channel of dissemination or format?Bhimani and Soonawalla (2005) argue that disclosure is a corporate responsibility. Information is the necessary basis for the decision making process and accountability. The basic anti-motives for disclosure are the costs of disclosure, the loss of competitive advantage (Welch and Rotbarg, 2006; Makadok, 2003), the security of information (Burns, 2001) and the rigidity of corporate functions. Internet has some advantages (low cost, directness of information, accessibility, rich format and the capability to connect directly with the Enterprise System) that make it the most appropriate mean of corporate information dissemination.The corporate web sites of 294 Greek listed firms have been reviewed in order to identify whether there is adequate information for a shareholder or a potential investor to take a rational decision. Twenty nine (29) information issues were identified and used. Four broad categories of information were identified: namely, general information for the firm (eleven issues), financial information (nine issues), Board of Directors (BoD) composition (six issues) and General Shareholders’ Meeting (GSM) information (3 issues). A cluster analysis is used to find commonalities of disclosure among the firms or commonalities of disclosure among the variables used. The sample was divided in groups according to: a) Capitalization (60 biggest with the rest) and b) Median of performance measurement (ROA, ROE, Tobin’s Q). A correlation matrix has been calculated.To further examine the relation between financial performance and disclosure the authors have divided the sample using cluster analysis and independent sample t-test was used to test the hypothesis of the same mean between the clusters. Two sets of controls have taken place. The first set is used to examine the relation of disclosure with financial performance. The second one examines the opposite relation of financial performance with disclosure status.The results of the data analysis show that Greek firms are disclosing only the mandatory (by law) information. They do not release, voluntary, information, especially, information about the decision making process, the evaluation of the management team. Information dissemination (disclosure) transparency is not related with financial performance. The paper is a first step in identifying the drivers of enhancing disclosure regimes. Further research should be done for the relationship between disclosure and ownership, disclosure and market volatility, etc.

Legal initiatives have a significant impact on the inner and outer corporate environment. Recent scandals and developments have triggered a wave of regulative and voluntary initiatives to improve corporate governance (CG) quality. The legislators legislate, but how feasible, effective is the implementation of these laws and how congruent with the countries characteristics is under doubt. The paper argues that the Greek Law on Corporate Governance had no effect on the fundamental elements of the corporate environment. Seven hypotheses are test using three different econometric methodologies (Panel data, Probit and Ordinal Probit Regression) are used. The legalistic approach drives the corporation to a mechanistic compliance and hence looses the freedom to make innovative decisions (Donaldson, 2003) or create costs that do not have a positive impact on financial performance, organizational stability, etc. The paper pinpoints the legal disarrays and their impact on the firm and argues that there is a need for a new set of principles and laws that focus on the real issues of corporate governance rather than the size, structure and leadership of the administrating bodies or the disclosure mechanisms.

In this paper we examine the pattern of stock returns and volatility at an individual share level in the Greek stock market, which is subject to various international and domestic influences. The introduction of foreign and domestic indices to analyze basic stock trends is common in the literature, however, in small markets, such as the Greek market, we should be particularly cautious, because there are some especially influential shares, which possibly lead the market. We have utilized two such shares, namely the shares of the Greek National Bank and of the Hellenic Telecommunications Organization. In this framework, the role of Individual Stock Futures has been examined. The empirical findings were based upon Granger causality tests and the GARCH models.

The corporation environment is a battlefield. Key players are competing to gain power and control. The paper aims to analyze the power and control function within the firm. To do that three basic clusters of people (CEO/Management, Board of Directors, General Shareholders’ Meeting) are recognized and analyzed. The analysis takes place using five categories (goal/scope/interest, Strategy, Allies, Foes, Tools, Instruments, Weapons and Preferable Environment). The authors take into account the legal and regulatory framework (corporate law, corporate governance law and codes), the codes of ethics, good practices, principles of corporate governance (OECD, 2004) the market’s needs because they are basic drivers and regulators of how the delegation of power and control takes place and how balance is established. The paper shows that power and control is concentrated, legally, at the top of the organizational pyramid, but in reality the only cluster that has the ability (well formulated strategy, tools and allies) to enforce its will on others is the CEO/Management Cluster.

Duality of the role of President of the Board of Directors (BoD) and CEO has been regarded as a good practice of corporate governance. These two roles are the ones with the most power an authority within the corporation. The paper depicts the formulating factors of duality of roles in Greece. Literature has linked duality with performance, organizational stability, ownership concentration and balance of power and control within the firm. The paper, using a Probit regression analysis, examines whether these relationships are valid in Greece. Statistical – econometric analysis has shown that financial performance is not related with concentration of power and control. The same conclusion is can be drawn for ownership concentration. There is a trend of change but this trend hasn’t the same dynamic or driving factors as the ones that are reported by Kirkbride and Letza (2002) and Muth and Donaldson (1998). The hypothesis posed by Heracleous (2001) and Baliga, Μoyer and Rao (1996) are more likely to be true in the case of Greece. Overall, duality in Greece is affected by the historical development of the firm, its organizational scheme and even more by the balance of power and control within the firm.

PurposeThis paper seeks to establish a benchmark for the evaluation of the quality of corporate governance (CG) and to detect the factors that affect it in Greece.Design/methodology/approachAn index of corporate governance quality is constructed using binary variables. Data from annual reports are used to identify the mechanisms and practices of corporate governance. An ordinal probit model is used to identify the drivers of corporate governance.FindingsCG quality in Greece is quite low, in terms of international best practices. The main drivers of CG quality are firm size, leadership or power concentration and board characteristics. Greek firms' CG quality depends mainly on the balance of power within the firm, rather than performance or market for corporate control.Research limitations/implicationsData for the constructed index have been collected from the annual reports, and not from questionnaires.Practical implicationsThe study provides evidence that there is a different set of factors that affect CG quality from those in Anglo‐Saxon countries. The paper addresses the issue of the relevance of proposed CG mechanisms to real CG problems. By identifying the factors that have an impact on CG quality, policy makers can focus on them to create a legal‐regulatory framework that can improve the level of CG.Originality/valueThe paper not only measures CG, but pinpoints its formulating factors as well. Furthermore, the need for new benchmarking tools to address the fundamental elements of the corporate environment (i.e. ownership concentration, the lack of a market for corporate control, etc.) in continental Europe is highlighted.

Purpose – M&A differences are based on three levels: preconditions, payment methods and motives-drivers. The paper’s purpose is to determine the motives, preconditions and methods of M&As in Greece and to compare them with the ones that are recorded in the studies for the Anglo-Saxon countries. Design/methodology/approach – The data used are collected from annual reports. A model was constructed using Probit regression methodology. The paper focused on the decision to adopt the M&A strategy (of the M&A strategy adoption). Findings – The paper argues that the M&A activity in Greece wasn’t the result of a convergence trend (a shift in the fundamental elements of the Greek business environment), but rather an extraordinary event. The preconditions and motives that are reported for the Anglo-Saxon countries are either none existing or weak in comparison in the case of Greece. In Anglo-Saxon countries M&As changed the business and organizational model, whereas in Greece the fundamental characteristics remained the same. Research limitations/implications – Data have been collected from the annual reports of the 60 biggest in capitalization firms in the Greek Stock Exchange. Practical implications – The fact that there are different businesses and organizational models across Europe is a factor that must be taken into account in designing and implementing policies and regulations that promote the idea of a common market with complete freedom of movement and the same rules and regulations. Originality/value – This is the first paper that uses Probit methodology to study M&As in Greece and complements a growing body of literature studying the M&A phenomenon in Europe.