Corporate governance in transition countries
AbstractThe author examines theoretical issues of the relationship between investor (owner) and manager, and cites empirical literature that supports the importance of corporate governance to transition countries. In summary, owners need managers for specific human capital and managers need owners for funds?the corporate governance system enables owners to secure returns on investment; if the system is faulty, firms will lack capital. Ownership matters because owners hold residual rights to property. Transition economies have tried different yet unsuccessful privatization techniques. Their failures are due mainly to the corresponding neglected reform of legal and institutional frameworks. OECD principles should serve to guide transitional economies? reforms of corporate governance.
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Bibliographic InfoArticle provided by Charles University Prague, Faculty of Social Sciences in its journal Finance a uver - Czech Journal of Economics and Finance.
Volume (Year): 50 (2000)
Issue (Month): 2 (February)
corporate governance; transition;
Find related papers by JEL classification:
- G3 - Financial Economics - - Corporate Finance and Governance
- P31 - Economic Systems - - Socialist Institutions and Their Transitions - - - Socialist Enterprises and Their Transitions
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