The initial sample consisted of all firms listed on the Athens Stock Exchange. Those companies that had been recently de-listed are excluded and so the remaining sample frame consists of 270 firms. The contact details of those firms have been drawn from the ICAP Greek Financial Directory database. The structured questionnaire was addressed to the CEO as he/she is the most knowledge person that can answer questions related to corporate level strategic decisions. A questionnaire, to which CEO 101 of the 270 firms responded, serves as the primary source of data. The questionnaire, designed in accordance with the ‘Total Design Method’ of Dillman (1978), was originally developed in English and, on the recommendation of Brislin (1980), was translated through a back translation process by an independent translator into Greek.
The questionnaire was then pilot tested through in-depth interviews by academics and board members of Greek organizations in order to ensure question efficacy and format completeness while also confirming that its tools were appropriate, reliable and relevant to the Greek cultural context before the launch of the survey. The first wave of questionnaires was sent to the CEOs of the 270 Greek firms and a second wave of questionnaires was sent to them three weeks later. Follow-up phone calls and email reminders were pursued in between the two mailings. Finally, we received 101 eligible questionnaires for analysis.