Family businesses have distinct characteristics that differentiate them from other firms. Researchers must meticulously analyze issues, with a specific focus on the interplay of family business dynamics, considering this factor. The main objective of this research was to provide insight into the adverse effects of family companies, particularly how the power dynamics inside these organizations might enable corruption or fraud and how corporate governance can help in mitigating these phenomena. Specifically, family businesses can be investigated by considering unique characteristics such as ownership and control, generational dynamics, and corporate governance. To address the study topic, a bibliometric analysis was conducted using the R statistical programming language and the bibliometric tools Biblioshiny and VOSviewer. Data were obtained from the Scopus database and examined in documents. The lack of unbiased external evaluation, the ineffectiveness of internal audits, disputes between different generations, the dominance of family members, and the narrow extent of governance all contribute to the exacerbation of tensions that promote corruption inside family firms. Moreover, the findings indicate that CEO duality correlates with the occurrence of corruption and fraudulent activities, such as manipulating profits. Furthermore, the findings suggest a correlation between the qualities of the board and instances of corruption and bribery inside family firms. These factors also increase the probability of financial statement fraud.

This study explores how corporate governance reforms can enhance financial reporting quality and organizational transparency, focusing on Greece’s transition from Law 3016/2002 to Law 4706/2020. The legislative reform aimed to modernize governance structures, align national practices with international standards, and strengthen investor protection in a post-crisis economic environment. Moving beyond a simple legal comparison, the study examines how Law 3016/2002’s formal compliance model contrasts with Law 4706/2020’s more substantive accountability framework. We hypothesize that Law 4706/2020 introduces substantively stronger governance mechanisms than its predecessor, thereby improving transparency and investor protection, while compliance with the new law imposes materially greater administrative and financial burdens, especially on small- and mid-cap firms. Methodologically, the research employs a narrative literature review and a structured comparative legal analysis to assess the administrative and financial implications of the new law for publicly listed companies, focusing on board composition and diversity, internal controls, suitability policies, and disclosure requirements. Drawing on prior comparative evidence, we posit that Law 4706/2020 will foster governance and disclosure improvements, enhanced oversight, and clearer board roles. However, these measures also impose compliance burdens. Due to the heterogeneity of listed companies and the lack of firm-level data following Law 4706/2020’s implementation, the findings are neither fully generalizable nor quantifiable; future quantitative research using event studies or panel data is required to validate the hypotheses. We conclude that Greece’s new framework is a critical step toward sustainable corporate governance and more transparent financial reporting, offering regulators, practitioners, and scholars examining legal reform’s impact on governance effectiveness and financial reporting integrity.

This research examines the evolution of corporate governance laws in Greece from Law 3016/2002 through to the latest Law 4706/2020, as well as the related Decision No. 1/891/30.09.2020 by the Capital Market Commission. It focuses on a detailed review of existing literature to understand the administrative and fiscal impacts of these changes on companies listed on the Athens Stock Exchange. The study highlights a significant shift from the earlier "soft law" approach, which suffered from weak monitoring and enforcement, resulting in a gap between the legislative goals and actual results. Law 4706/2020 introduces a stricter regulatory framework with numerous requirements designed to improve corporate governance structures. Key features of this reform include the creation of new committees overseeing remuneration and compliance, stringent board member qualifications, and a stronger focus on gender diversity and stakeholder engagement. These developments aim to enhance accountability, transparency, and efficiency, essential for effective governance. The research compares old and new legislative frameworks to demonstrate the progress made in aligning Greek corporate governance with international standards. It argues that Law 4706/2020 is a significant advancement in corporate governance, potentially serving as a model for other regions. However, the detailed and strict compliance requirements introduced may challenge implementation and effectiveness. The paper suggests that these legislative changes mark a new chapter in corporate governance that requires diligent, forward-looking, and adaptable management from companies. It also stresses that achieving full compliance with the new regulations requires ongoing commitment to improvement and readiness to handle the complexities of this new regulatory environment.