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Value-Based Management And Corporate Governance: A Study Of Serbian Corporations

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  • Predrag Stančić
  • Miroslav Todorović
  • Milan Čupić
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    Abstract

    The aim of this paper is to determine the place and role of corporate governance and performance measures in the efforts of managers to maximize shareholder value, and the attitude of Serbian corporations toward these issues. The paper first analyses the importance of corporate governance and performance measures in the context of value-based management. Then, through the multiple case study, we investigate the attitude of seven Serbian corporations toward defining the general corporate objective, corporate governance, and performance measurement. Finally, we point out the factors and preconditions that determine corporate culture, objective definition, and performance measures used by Serbian corporations.

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    File URL: http://ea.ekof.bg.ac.rs/pdf/193/186.pdf
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    Bibliographic Info

    Article provided by Faculty of Economics, University of Belgrade in its journal Economic Annals.

    Volume (Year): 57 (2012)
    Issue (Month): 193 (April- June)
    Pages: 93-112

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    Handle: RePEc:beo:journl:v:57:y:2012:i:193:p:93-112

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    Related research

    Keywords: shareholder value; corporate governance; performance measures;

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    References

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    Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
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    1. Michael C. Jensen, 2001. "Value Maximization, Stakeholder Theory, And The Corporate Objective Function," Journal of Applied Corporate Finance, Morgan Stanley, vol. 14(3), pages 8-21.
    2. Michael N. Young & Mike W. Peng & David Ahlstrom & Garry D. Bruton & Yi Jiang, 2008. "Corporate Governance in Emerging Economies: A Review of the Principal-Principal Perspective," Journal of Management Studies, Wiley Blackwell, vol. 45(1), pages 196-220, 01.
    3. Andres, Pablo de & Vallelado, Eleuterio, 2008. "Corporate governance in banking: The role of the board of directors," Journal of Banking & Finance, Elsevier, vol. 32(12), pages 2570-2580, December.
    4. Jensen, Michael C. & Meckling, William H., 1976. "Theory of the firm: Managerial behavior, agency costs and ownership structure," Journal of Financial Economics, Elsevier, vol. 3(4), pages 305-360, October.
    5. Bouwens, J.F.M.G. & Lent, L.A.G.M. van, 2007. "Assessing the performance of business unit managers," Open Access publications from Tilburg University urn:nbn:nl:ui:12-210600, Tilburg University.
    6. Durnev, Art & Kim, E. Han, 2004. "To Steal or Not to Steal: Firm Attributes, Legal Environment, and Valuation," CEI Working Paper Series 2004-7, Center for Economic Institutions, Institute of Economic Research, Hitotsubashi University.
    7. Dahya, Jay & Dimitrov, Orlin & McConnell, John J., 2008. "Dominant shareholders, corporate boards, and corporate value: A cross-country analysis," Journal of Financial Economics, Elsevier, vol. 87(1), pages 73-100, January.
    8. Andrei Shleifer & Robert W. Vishny, 1995. "A Survey of Corporate Governance," Harvard Institute of Economic Research Working Papers 1741, Harvard - Institute of Economic Research.
    9. Mike Wright & Robert E. Hoskisson & Mike W. Peng, 2005. "Strategy Research in Emerging Economies: Challenging the Conventional Wisdom," Journal of Management Studies, Wiley Blackwell, vol. 42(1), pages 1-33, 01.
    10. Sviatoslav Moskalev & Seung Park, 2010. "South Korean Chaebols and Value-Based Management," Journal of Business Ethics, Springer, vol. 92(1), pages 49-62, March.
    11. G. Bennett Stewart, 2003. "How To Fix Accounting-Measure And Report Economic Profit," Journal of Applied Corporate Finance, Morgan Stanley, vol. 15(3), pages 63-82.
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