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Institutional Change and Debt-based Corporate Governance: A Comparative Analysis of Four Transition Economies

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  • Judy Day

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  • Peter Taylor

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    Abstract

    Countries in transition now represent a significant sector of the international political economy. One of the challenges that they face in moving towards market-based systems and institutions is that of transforming the structure of business enterprises into forms more compatible with capitalist economies. Corporate governance is an important part of this. We argue that, certainly during an interim stage whilst equity markets are weak or non-existent, debt finance has a useful role to play. However for this to be possible there are some important institutional changes that are necessary in order to provide the infrastructure within which debt finance can operate effectively and efficiently. We then present an overview and evaluation of the progress of change in four selected transition countries. Copyright Kluwer Academic Publishers 2004

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    Bibliographic Info

    Article provided by Springer in its journal Journal of Management and Governance.

    Volume (Year): 8 (2004)
    Issue (Month): 1 (March)
    Pages: 73-115

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    Handle: RePEc:kap:jmgtgv:v:8:y:2004:i:1:p:73-115

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    Web page: http://www.springerlink.com/link.asp?id=102940

    Related research

    Keywords: Bulgaria; corporate debt finance; corporate governance; Czech Republic; Hungary; institutional change; Slovak Republic; transition economics;

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    Cited by:
    1. Jayati Sarkar & Subrata Sarkar, 2005. "Debt and Corporate Governance in Emerging Economies - Evidence from India," Finance Working Papers 22358, East Asian Bureau of Economic Research.
    2. Judy Day & Peter Taylor, 2010. "Trajectories of accounting and auditing development in EU enlargement: comparative analysis of ten new member states," Journal of Management and Governance, Springer, vol. 14(4), pages 313-350, November.

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