Financial Evaluation of the Greek Port Authorities Operating as GOPC

Abstract

This article provides a factual perspective on the immediate responses of the port industry to the 2008 economic downturn. Specifically, it investigates the port authorities' performance located in Greece in relation to the current economic crisis. Firstly, it translates the general theories on organizations that better adapt to crisis conditions into the practical setting of port authorities. Further, based on comprehensive literature, it concludes that several factors positively associate with better response of organizations, in general, and port authorities, in particular, to difficult economic conditions. Focusing on the financial statements of ten Greek ports of national interest, this article finds profitable financial results over a time span, but also raises considerable doubts as to the efficiency of their organizational structures, currently in a transitional phase. In addition, the review of the existing literature allowed formulating the hypotheses basing the application of adaptability of businesses to external economic shock theories to port authorities.