INTERDEPENDENCE OF CONTROLLING AND CORPORATE GOVERNANCE IN TRANSITION COUNTRIES

2012 ◽  
Vol 14 (3) ◽  
pp. 128-137
Author(s):  
TIHOMIR LUKOVIC
Keyword(s):  
Corporate Governance ◽  
Transition Countries

Corporate governance codes of Eurasian Economic Union countries: a comparative investigation

2017 ◽  
Vol 17 (4) ◽  
pp. 748-769 ◽  
Author(s):  
Mirgul Nizaeva ◽  
Ali Uyar
Keyword(s):  
Corporate Governance ◽  
Best Practices ◽  
Transition Countries ◽  
Special Focus ◽  
Content Type ◽  
Eurasian Economic Union ◽  
Oecd Principles ◽  
Corporate Governance Codes ◽  
Economic Union ◽  
The Uk

Purpose The purpose of this paper is to comparatively analyze the corporate governance codes of transition economies, particularly five Eurasian Economic Union (EAEU) members (i.e. Russia, Belarus, Kazakhstan, Kyrgyzstan and Armenia). Specifically, the convergence or divergence of these countries’ corporate governance codes among themselves as well as relative to the best practices of the UK Corporate Governance Code (UK Code) and the OECD Principles of Corporate Governance are investigated. Design/methodology/approach Initially, the existing literature on corporate governance with special focus on transition countries is reviewed. Afterwards, benchmarking the international best practices, based on main chapters and contents, the corporate governance codes of all countries in the sample are analyzed. Findings The paper finds that even though some principles of the corporate governance codes of the countries in the sample differ in some aspects, they do converge to some extent. However, high misalignments between the UK Code and the OECD Principles and the codes of selected countries in some aspects were found. Research limitations/implications The conclusion and implications of the study characterize the corporate governance of selected developing countries; thus, they might not be generalizable to other countries. Practical implications The codes of the countries in the sample should be revised, and more specifications regarding the stakeholder, board structure, its subcommittees, independence, diversity and transparency issues need to be addressed. Originality/value The paper comprehensively analyzes the contents of corporate governance codes of transition countries; from both practical and academic point of view, it was important gap that needed to be fulfilled.

scholarly journals Corporate governance in Estonia

2008 ◽  
Vol 5 (4) ◽  
pp. 296-301
Author(s):  
Ruth Alas ◽  
Külliki Tafel
Keyword(s):  
Corporate Governance ◽  
Empirical Study ◽  
Market Economy ◽  
Large Degree ◽  
Transition Countries ◽  
Related Research ◽  
Theoretical Part ◽  
Testing Ground ◽  
Emerging Pattern ◽  
Large Enterprises

The corporate governance problems as known in a market economy arose in CEE countries in connection with the privatisation of large enterprises at the beginning of the 1990s, and to a large degree even afterwards. The emerging pattern of CG is quite difficult to interpret according to the traditional Western models and varied greatly from country to country, because in the case of transition countries various institutions and the environment as a whole do not work or at least do not work fully (Tafel et al, 2006). Therefore CEE-countries represent a very good testing ground for Corporate Governance (CG) related research. This paper studies forms of corporate governance in foreign owned companies situating in Estonia: cooperation between the owners, council and board in Estonian enterprises. The paper starts with the theoretical part followed by methodology and results of empirical study in Estonian companies

Corporate governance and residual state property (two qualitative shortcomings of privatization in transition countries)

2000 ◽  
Vol 9 (1) ◽  
Author(s):  
Wladimir Andreff
Keyword(s):  
Corporate Governance ◽  
Economic Transition ◽  
Economic Restructuring ◽  
Transition Countries ◽  
State Regulation ◽  
Informal Networks ◽  
Privileged Position ◽  
Role Of The State ◽  
Irregular Economy

The privatization in transition countries generated distorsions. Among the most dangerous distorsions are those introduced by a non legal or criminal privatization of management with the help of former or new informal networks connecting managers to the irregular economy and to some extent to the mafia. State regulation is required to control again monopoly power in privatized utilities and sectors where private stakes have won privileged position. It should be better to recognize the unavoidable role of the state in economic restructuring and use its intervention as a complementary - rather than an antagonistic - tool of the economic transition.

scholarly journals Corporate governance and privatization in selected countries in transition

2020 ◽  
Vol 8 (4) ◽  
pp. 60-77
Author(s):  
Slobodan Marin ◽  
Milan Šušić ◽  
Nikola Nikolić
Keyword(s):  
Corporate Governance ◽  
Business Environment ◽  
Transition Countries ◽  
Optimal Choice ◽  
Strategic Decision ◽  
Governance Mechanisms ◽  
Advantages And Disadvantages ◽  
Corporate Governance Mechanisms ◽  
Privatization Process ◽  
Countries In Transition

Research on improvements effectiveness of corporate governance mechanisms is a very complex research topic in the field of corporate governance, as well as strategic management. Different theoretical models and empirical results indicate the interdependence of corporate governance mechanisms and procedures within strategic decision-making. However, tradition and research to date indicate that a range of different approaches to corporate governance are evolving around the world. In practice, it is known that there is no single and always optimal choice of corporate governance model, as it depends on legal regulations, institutional frameworks and traditions of the country. However, all of them have in common that there is a high priority that works to increase the interest of shareholders in company, that the shareholders' funds can be used efficiently and wisely. Practice has shown that the regulatory and legal framework of most countries in transition did not have enough time to develop and adapt to the needs of privatization, which significantly affected its course and results. With progress in implementing reform processes, transition countries have constantly innovated privatization models. At the same time, each of them has developed a relatively specific model of property transformation, in accordance with the characteristics of the economy and the political situation. The importance of the privatization process in transition countries is reflected in increasing the efficiency of the economy, building the foundations for the introduction of a market economy and increasing government revenues. The main goal of the research, in this paper, is to analyze the results of the privatization process so far, emphasizing the advantages and disadvantages of this process, ie pointing out the positive experiences and key limitations with which countries in transition were faced during the implementation of the privatization process, which influenced the profiling of their business environment.

scholarly journals Транспарентност у корпоративном управљању // Transparency in corporate governance

2013 ◽  
Vol 11 (19) ◽  
pp. 9 ◽  
Author(s):  
Здравко Тодоровић ◽  
Саша Бунић ◽  
Игор Тодоровић
Keyword(s):  
Corporate Governance ◽  
Law Enforcement ◽  
General Public ◽  
Transition Countries ◽  
Economic Conditions ◽  
Market Conditions ◽  
Significant Aspect ◽  
Governance Process ◽  
The Republic ◽  
Transparency And Disclosure

Резиме: Значајан  аспеката корпоративног управљања односи се на транспарентност и објављивање података, који предузећу могу да пруже бројне предности у пословању и значајно допринесу стицању повјерења инвеститора. Међутим, ниска транспарентност је проблем у многим предузећима, посебно у земљама у транзицији, због специфичних тржишних околности и недостатака одговорајућег механизма за спровођење закона. Циљ истраживања је описати и анализирати начин на који предузећа у Републици Српској објављују информације корпоративног управљања на својим интернетским страницама, те анализирати значај транспарентности из перспективе корпоративног управљања, како би се идентификовали елементи овог процеса. На овај начин треба да се обезбиједи додатно побољшање и унапређење знања и разумијевања транспарентности. Истраживање ће, поред анализе интернетских страница предузећа у Републици Српској, обухватити и предузећа из Хрватске и Србије, како би се могло поредити стање транспарентности са земљама у сличним културолошким и економским условима, те идентификовати сазнања о искуствима који могу помоћи у побољшању транспарентности. Поред тога, циљ је да се, уз помоћ резултата истраживања, установе најбоља рјешења за побољшање транспарентности предузећа, која могу користити менаџменту предузећа, инвеститорима, широј јавности, те свим осталим учесницима у процесу корпоративног управљања u Републици Српској.Summary: A significant aspect of corporate governance refers to the transparency and disclosure, which can provide numerous benefits to company’s business and significantly contribute to gaining investors confidence. However, low transparency and disclosure is problem in many companies, especially in transition countries, due to specific market conditions and lack adequate mechanism for law enforcement. The aim of the research is to describe and analyze the way in which companies in the Republic of Srpska disclosure information about corporate governance on its website, and to analyze the importance of transparency of information from the perspective of corporate governance, in order to identify the elements of this process. This will try to ensure further improvement and advancement of knowledge and understanding of transparency. Research, in addition to analysis of website of companies in the Republic of Srpska, includes companies from the Croatian and Serbia, in order to compare the level of transparency with countries with similar cultural and economic conditions, and identify the experiences and practices that could help improve transparency. In addition, the aim is that, with the help of research results develop the best solutions to improve the transparency and disclosure of companies, which can be used by management companies, investors and the general public, and all other participants in the corporate governance process in the Republic of Srpska.

scholarly journals Corporate Governance of SOEs and Performance in Transition Countries. Evidence from Lithuania

2016 ◽  
Vol 07 (12) ◽  
pp. 1339-1360
Author(s):  
Claudia Curi ◽  
Justas Gedvilas ◽  
Ana Lozano-Vivas
Keyword(s):  
Corporate Governance ◽  
Transition Countries ◽  
And Performance

scholarly journals From State to Market: A Survey of Empirical Studies on Privatization

2001 ◽  
Vol 39 (2) ◽  
pp. 321-389 ◽  
Author(s):  
William L Megginson ◽  
Jeffry M Netter
Keyword(s):  
Corporate Governance ◽  
Empirical Evidence ◽  
Capital Markets ◽  
Empirical Studies ◽  
Transition Countries ◽  
Relative Performance ◽  
History Of ◽  
The Impact ◽  
Privately Owned

This study surveys the literature examining the privatization of state-owned enterprises (SOEs) We review the history of privatization, the theoretical and empirical evidence on the relative performance of state owned and privately owned firms, the types of privatization, if and by how much privatization has improved the performance of former SOEs in non-transition and transition countries, how investors in privatizations have fared, and the impact of privatization on the development of capital markets and corporate governance. In most settings privatization “works” in that the firms become more efficient, more profitable, and financially healthier, and reward investors.

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