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

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Author Info
Judy Day ()
Peter Taylor ()
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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File URL: http://hdl.handle.net/10.1023/B:MAGO.0000015394.71661.56
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Publisher 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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Related research
Keywords: Bulgaria; corporate debt finance; corporate governance; Czech Republic; Hungary; institutional change; Slovak Republic; transition economics;

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    Other versions:
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    Other versions:
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