Issues in Business Management and Economics

Original Research Article

Τhe impact of capital controls on financial statements: A case study for Greece

Kanellos Toudas1*, Paraskevi Boufounou2, Theodoros Kounadeas3 and Georgios Andreakos2

1Department of Agribusiness and Supply Chain Management Agricultural University of Athens, Greece.
2Department of Economics, National and Kapodistrian University of Athens, Greece
3Department of Business Administration, National and Kapodistrian University of Athens, Greece

* Corresponding Author E-mail: kstoudas(at)

Tel: +30 6944366486

Kanellos Toudas

Paraskevi Boufounou

Theodoros Kounadeas

Georgios Andreakos

Article Number: IBME.22.004  |   Pages: 34-42  |   Vol. 10 (3), October 2022   |   DOI:

 Received: July 28, 2022  Accepted: September 15, 2022  Published: October 8, 2022


Capital controls are enforced when governments restrict capital inflows and/or outflows into the economy. Since the purpose of any government is to promote long-term prosperity and stability in an increasingly globalized economy, the efficiency of capital controls is heavily questioned, and such restrictions are rarely enforced today. Greece’s “heavy” industry, which passed through times of both growth and crisis, was and is the construction sector. One of the key causes of the most recent global financial crisis was the collapse of the construction industry. The foresight of a nation’s construction industry is a crucial preventative measure for its future development. It is vital to examine the history of the sector in order to forecast how it will develop in the nation in the years to come. Thus, the six-year period of 2014-2019 was chosen as the research period in the current study to evaluate the impact of capital controls imposed in Greece, and their influence on the four major construction businesses listed on the ASE (Athens Stock Exchange) was analyzed. The industry is in a recovery stage following the implementation of capital controls in 2019, although there are still issues like as high leverage and limited liquidity.

Keywords: Financial statements, capital controls, construction sector

How to Cite this Article

Toudas K, Boufounou P, Kounadeas T Andreakos G (2022).Τhe impact of capital controls on financial statements: A case study for Greece. Issues Bus. Manag. Econ. 10(3):34-42.

Author(s) retain the copyright of this article. Author(s) agree that this article remain permanently open access under the terms of the Creative Commons Attribution License 4.0 International License.

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