Corporate Governance, Institutional Reforms And Business Environment (A Short Comparative Analyses For Some Wb Countries)

Through providing tools and mechanisms for balanced representation of stakeholders' interests (first of all, to owners, management and employees) corporate governance according to OECD principles should ensure the increase of the value of the assets of companies, their competitiveness capacities and attractiveness to investors. As in general in transition economies building these mechanisms and implementing these principles at the companies proved to be problematic more in their implementation than in developing legal framework. Institutional environment, maturity of democratic institution, and especially business environment seems to be very relevant the quality of corporate governance in transition economies. This paper after presenting some of theoretical discussions on specific corporate governance issues in transition economies presents also short comparative overview regarding achievements in key areas of corporate governance in Kosovo, Albania, Croatia and Bulgaria. This comparative analyses demonstrate that corporate governance and its implementation very much depend on the level of institutional maturity, especially perceptions on the level of corruption and also to business environment which provides conditions for free and fair competition.