An Empirical Evaluation of Greek Ports Financial Performance

Paper presented at the European Economic and Finance Society 5th International Conference, Greece

14 Pages Posted: 14 Jun 2006

See all articles by Theodore Syriopoulos

Theodore Syriopoulos

University of the Aegean; Audencia Nantes School of Management

Athanasios A. Pallis

University of the Aegean - Department of Shipping, Trade and Transport

Date Written: May 2006

Abstract

The paper examines the financial statements and accounts of the twelve major Greek ports and proceeds to an empirical evaluation of the port entities' financial performance over a time span that corresponds to the sector's reorganization. Since the late 1990s the port sector in Greece has changed its management model through the conversion of twelve ports of national interest from "public law undertakings" to government-owned port corporations. At a latter stage, the ports of Piraeus and Thessaloniki were listed at the Athens Stock Exchange and since then the State's stake has been on the order of 75%. These reforms attempt to facilitate the adjustment of the sector to contemporary trends and to overcome deficiencies of the earlier port structures. The analysis suggests that certain rigidities are still present and further steps of modernisation and restructuring are essential, if the Greek ports are meant to play a more active role in the international arena. Despite profitable financial results for most Greek ports, the examination of their financial accounts raises considerable doubts as to the efficiency of their organisational structures, currently at a transitory phase. These results are in line with the conclusions of other studies suggesting that port governance in Greece does not respond yet to a potential matching framework configuration of their structures and strategies that might advance port competitiveness.

Keywords: Port Organisation, Financial Performance Evaluation, Financial Ratio Analysis

JEL Classification: L92, G3

Suggested Citation

Syriopoulos, Theodore and Pallis, Athanasios A., An Empirical Evaluation of Greek Ports Financial Performance (May 2006). Paper presented at the European Economic and Finance Society 5th International Conference, Greece, Available at SSRN: https://ssrn.com/abstract=908484 or http://dx.doi.org/10.2139/ssrn.908484

Theodore Syriopoulos

University of the Aegean ( email )

2A, KORAI STREET
CHIOS, CHIOS 82132
Greece
00302271035861 (Phone)

HOME PAGE: http://www.stt.aegean.gr/en/people/academic-staff/cv/6.html

Audencia Nantes School of Management ( email )

8 route de la Jonelière, BP 31222
Nantes Cedex 3, Cedex 3 44312
France

Athanasios A. Pallis

University of the Aegean - Department of Shipping, Trade and Transport ( email )

Korai Building
Chios 82100
Greece

HOME PAGE: http://www.stt.aegean.gr/pallisEn.asp

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