Corporate governance problem and its implications for transition economies

Corporate governance in transition economies

The transition economies in Central and Eastern Europe have privatized their economies at an unprecendented speed in the 1990s. The expectation was that under private ownership, formerly state-owned firms would act as dynamic, profit-oriented players driving economic restructuring and growth. Yet, the expectation has rarely been fulfilled, and lack of effective corporate governance is often see...

Corporate Governance in Emerging Economies

Most of the literature on corporate governance emphasizes that firms should be run in the interests of shareholders. This is an appropriate objective function when markets are perfect and complete. In many emerging economies this is not the case: markets are imperfect and incomplete. The first theme of the paper is that alternative firm objective functions, such as pursuing the interests of all...

IN SEARCH OF OWNERS : Lessons of Experience with Privatization and Corporate Governance in Transition Economies

Corporate Environmental Strategies in Transition Economies

A meaningful economic literature examines businesses’ environmental management efforts expended during the economic-political transition in Central and Eastern Europe and the former Soviet Union. Over a similar time frame as this transition, many firms in developed countries were integrating environmental components into their business strategies and finding this integration profitable. A growi...

Competition and Corporate Governance in Transition

This paper examines the elements of institutional development critical to the enhancement of company performance in transition economies. This includes initial conditions, forms of privatization, institutional frameworks and the competitiveness of markets. Comparing empirical evidence, the paper concludes that there is a clear distinction in effectiveness of policies followed and their impact b...