Journal of Governance and Regulation / Volume 12, Issue 3, Special Issue, 2023 255 THE IMPACT OF THE CORPORATE GOVERNANCE ON FIRM PERFORMANCE: EVIDENCE FROM THE GREEK LISTED FIRMS Petros Kalantonis * , Sotiria Schoina ** , Christos Kallandranis *** * University of West Attica, Athens, Greece; Hellenic Open University, Patras, Greece ** University of West Attica, Athens, Greece *** Corresponding author, University of West Attica, Athens, Greece Contact details: University of West Attica, Egaleo Park Campus, Ag. Spyridonos Str., 28, Egaleo 12243, Athens, Greece Abstract How to cite this paper: Kalantonis, P., Schoina, S., & Kallandranis, C. (2023). The impact of the corporate governance on firm performance: Evidence from the Greek listed firms [Special issue]. Journal of Governance & Regulation, 12(3), 255–265. https://doi.org/10.22495/jgrv12i3siart7 Copyright © 2023 The Authors This work is licensed under a Creative Commons Attribution 4.0 International License (CC BY 4.0). https://creativecommons.org/licenses/by /4.0/ ISSN Online: 2306-6784 ISSN Print: 2220-9352 Received: 23.01.2023 Accepted: 30.08.2023 JEL Classification: C30, G3, G32 DOI: 10.22495/jgrv12i3siart7 This article explores the relationship between board quality and firm performance. The authors investigate any association between corporate governance and firm performance using a sample of listed firms on the Athens Stock Exchange (ATHEX) from 2008 to 2016 and two distinct performance models. This article expands on a previous study by Kalantonis et al. (2021) by including financial performance as assessed by both return on assets (ROA) and Tobin‘s Q. This investigation provides a global and comprehensive view of how specific aspects of corporate governance (CG) have influenced Greek listed companies during the period 2008–2016. Extending analysis also allows to capture the dynamics of the Greek financial crisis as well as the recent legal institutional framework concerning CG. The authors found that firms with more independent board members performed poorly in terms of ROA, while board size (BS) is positively related to performance in terms of Tobin‘s Q. Furthermore, a positive relationship was found between CEO duality (CEOD) and firm performance both in terms of ROA and Tobin‘s Q, and no relationship was found between board gender diversification and firm performance. Finally, it was concluded that the investigated GC aspects affect more the firms‘ performance than the firms‘ earnings management. Keywords: Corporate Governance, Performance, Greek Listed Firms Authors’ individual contribution: Conceptualization — P.K.; Methodology — S.S.; Formal Analysis —S.S.; Investigation — S.S.; Writing — Original Draft — S.S.; Writing —Review & Editing — C.K.; Supervision — P.K. and C.K.; Project Administration — C.K. Declaration of conflicting interests: The Authors declare that there is no conflict of interest. 1. INTRODUCTION Several countries have implemented recommendations and/or mandatory regulations in recent years to strengthen the legal institutional structure concerning corporate governance (CG). Nevertheless, and despite the achieved advances, global CG failures during the previous two decades have revived interest in researching the relationship between CG and company success. The oversight responsibilities of boards have been emphasized, with the idea that independent, informed, and proactive boards should be the most valuable assets in the effort to protect the interests of investors (according to Sarbanes-Oxley Act (SOX), 2002), which is primarily firm performance. Going back in time, the implosion of the big banks was largely responsible for the 2008 financial crisis. Further back in time, around the turn of the millennium, the Athens Stock Exchange (ATHEX) collapsed. Because of management‘s decisions and actions, the collapse was linked to a lack of