This paper is an attempt to explore the relationship of CSR and firms' financial performance in Greek firms. Based on stakeholder theory and mainly on the theory of "good management", we try to find out if an improvement in CSR actions results in higher stock returns. Our empirical analysis will test whether there is an impact of CSR performance on stock returns, using voluntary disclosures, based on a sample of Greek listed companies. The findings show that there is a positive correlation among stock returns and CSR performance in Greek companies. In operational level, these results aim at persuading managers to implement CSR actions in a greater extent in order to enhance firm market efficiency.

The current study investigates the specific factors associated with internal audit effectiveness in the Greek business environment. Empirical evidence was collected by means of a mailed survey. Factor Analysis and regression analysis are used in order to illustrate the gathered information. The findings indicate that the main factors affecting internal audit effectiveness are: (1) quality of internal audit, (2) competence of internal audit team, (3) independence of internal audit and (4) management support. The results also reveal that independence of internal audit is the foundation of internal audit effectiveness, as it is the most crucial factor in our model. Finally, the paper concludes that internal audit is of major importance for Greek business.

Access to this document was granted through an Emerald subscription provided by 353605 [] For AuthorsIf you would like to write for this, or any other Emerald publication, then please use our Emerald for Authors service information about how to choose which publication to write for and submission guidelines are available for all. Please visit www.emeraldinsight.com/authors for more information. About Emerald www.emeraldinsight.comEmerald is a global publisher linking research and practice to the benefit of society. The company manages a portfolio of more than 290 journals and over 2,350 books and book series volumes, as well as providing an extensive range of online products and additional customer resources and services.Emerald is both COUNTER 4 and TRANSFER compliant. The organization is a partner of the Committee on Publication Ethics (COPE) and also works with Portico and the LOCKSS initiative for digital archive preservation. AbstractPurpose -The purpose of this paper is to examine the extent of corporate tax evasion and its implications on the protection of the shareholders and on the function of the capital market. Design/methodology/approach -The extent of tax evasion of the Greek public companies is estimated on the basis of tax audit data. Unvariate tests are employed in order to assess the effect of the audit firm and to examine corporate tax behaviour. Findings -The mean rate of tax evasion was estimated at about 16 per cent, showing that the incentive for tax evasion doesn't diminish when the companies are listed in the stock exchange. Specifically, the companies alter their tax behaviour (i.e. appear more tax compliant) only in the year of the IPO and the year before. It was also found out that the type of the audit firm is likely to affect the extent of tax evasion committed. Practical implications -The present paper provides evidence that corporate tax evasion is widespread and calls for appropriate measures. Nowadays, this issue has become more crucial than ever, as Greece is in the middle of the financial crisis. Moreover, the findings regarding audit effectiveness in detecting tax evasion have significant implications, as the 2010 Greek tax bill grants the audit firms the right to issue certificates for tax purposes. Originality/value -This paper contributes to the literature of fraudulent financial reporting by focusing on one specific form of fraud, which has been widely neglected -tax evasion.

No abstract

No abstract