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Factors Influencing Corporate Governance in post-Socialist Companies: an Analytical Framework

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Author Info
Andreas Heinrich ()
Aleksandra Lis
Heiko Pleines
Abstract

In explaining the corporate governance performance of post-socialist companies, this article identifies four factors of influence: (1) pressure from majority shareholders, (2) pressure from outside minority shareholders, (3) pressure resulting from internationalization/ globalization and (4) pressure exerted by the state in the form of legal regulation. If all four factors have an impact on corporate governance performance, their interaction has to be explained. On the basis of research conducted thus far, this article suggests an analytical framework for the examination of corporate governance performance of postsocialist companies. Case studies of oil and gas firms from Central and Eastern Europe illustrate how the above factors influence a company’s corporate governance performance.

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Paper provided by William Davidson Institute at the University of Michigan Stephen M. Ross Business School in its series William Davidson Institute Working Papers Series with number wp896.

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Date of creation: 01 Oct 2007
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Handle: RePEc:wdi:papers:2007-896

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Related research
Keywords: corporate governance; Russia; Central Eastern Europe; oil and gas industry;

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Find related papers by JEL classification:
G34 - Financial Economics - - Corporate Finance and Governance - - - Mergers; Acquisitions; Restructuring; Corporate Governance
L71 - Industrial Organization - - Industry Studies: Primary Products and Construction - - - Mining, Extraction, and Refining: Hydrocarbon Fuels
M14 - Business Administration and Business Economics; Marketing; Accounting - - Business Administration - - - Corporate Culture; Social Responsibility
P21 - Economic Systems - - Socialist Systems and Transition Economies - - - Planning, Coordination, and Reform
P31 - Economic Systems - - Socialist Institutions and Their Transitions - - - Socialist Enterprises and Their Transitions

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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.:
  1. Desai, Raj M. & Goldberg, Itzhak, 2000. "The vicious circles of control - regional governments and insiders in privatized Russian enterprises," Policy Research Working Paper Series 2287, The World Bank. [Downloadable!]
  2. Katharina Pistor & Martin Raiser & Stanislaw Gelfer, 2000. "Law and Finance in Transition Economies," CID Working Papers 49, Center for International Development at Harvard University. [Downloadable!]
  3. Andrei Yakovlev, 2004. "Evolution of corporate governance in Russia: government policy vs. real incentives of economic agents," Post-Communist Economies, Taylor and Francis Journals, vol. 16(4), pages 387-403, December. [Downloadable!] (restricted)
  4. Dittus, Peter, 1996. "Why East European banks don't want equity," European Economic Review, Elsevier, vol. 40(3-5), pages 655-662, April. [Downloadable!] (restricted)
  5. Krivogorsky, Victoria, 2000. "Corporate Ownership and Governance in Russia," The International Journal of Accounting, Elsevier, vol. 35(3), pages 331-353, 09. [Downloadable!] (restricted)
  6. Estrin, Saul & Wright, Mike, 1999. "Corporate Governance in the Former Soviet Union: An Overview," Journal of Comparative Economics, Elsevier, vol. 27(3), pages 398-421, September. [Downloadable!] (restricted)
  7. Buck, Trevor & Filatotchev, Igor & Wright, Mike & Zhukov, Vladimir, 1999. "Corporate Governance and Employee Ownership in an Economic Crisis: Enterprise Strategies in the Former USSR," Journal of Comparative Economics, Elsevier, vol. 27(3), pages 459-474, September. [Downloadable!] (restricted)
  8. Katharina Pistor & Martin Raiser & Stanislaw Gelfer, 2000. "Law and Finance in Transition Economies," The Economics of Transition, The European Bank for Reconstruction and Development, vol. 8(2), pages 325-368, July. [Downloadable!] (restricted)
  9. Rafael La Porta & Florencio Lopez-de-Silanes & Andrei Shleifer & Robert W. Vishny, 1998. "Law and Finance," Journal of Political Economy, University of Chicago Press, vol. 106(6), pages 1113-1155, December. [Downloadable!] (restricted)
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  10. Patel, Sandeep A. & Balic, Amra & Bwakira, Liliane, 2002. "Measuring transparency and disclosure at firm-level in emerging markets," Emerging Markets Review, Elsevier, vol. 3(4), pages 325-337, December. [Downloadable!] (restricted)
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